Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,719/mo
Lowest payment- Down payment
- $96,345
- Funds due
- $115,617
- Interest + MI left
- $231,685
- First ends
- Feb 2052
Assumption
Assumption + second
$4,289/mo
+$571/mo- Down payment
- $40,345
- Funds due
- $60,994
- Interest + MI left
- $381,115
- First ends
- Feb 2052
New loan
New conventional
$5,920/mo
+$2,201/mo- Down payment
- $40,345
- Funds due
- $55,628
- Interest + MI left
- $1,114,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $703,655 | $703,655 | $759,655 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,097.15 | $3,097.15 | $5,146.17 |
| Second P&I | — | $570.64 | — |
| Mortgage insurance | — | — | $151.93 |
| Taxes, insurance & HOA | $621.67 | $621.67 | $621.67 |
| Total housing payment | $3,718.82 | $4,289.46 | $5,919.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,345
Closing costs & prepaids$20,649
Usable credit−$0
Total buyer cash needed$60,994
Earnest money paid−$0
Remaining funds due$60,994
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,518.27
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$960.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$320.37
Prepaid interest, second (7 days)$127.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 2 moOf the original 30-year loan at 2.374%
Interest already paid$86,290Through Dec 2026
Assumption only · ends Feb 2052$231,685
Assumption + second · ends Feb 2052, second Jan 2057$381,115
New conventional · ends Jan 2057$1,114,843