Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
Lowest payment- Down payment
- $76,011
- Funds due
- $90,445
- Interest + MI left
- $197,567
- First ends
- Jan 2052
Assumption
Assumption + second
$3,207/mo
+$499/mo- Down payment
- $27,011
- Funds due
- $42,806
- Interest + MI left
- $328,319
- First ends
- Jan 2052
New loan
New conventional
$4,051/mo
+$1,343/mo- Down payment
- $27,011
- Funds due
- $38,536
- Interest + MI left
- $738,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $453,989 | $453,989 | $502,989 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,164.64 | $2,164.64 | $3,407.42 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | — | — | $100.60 |
| Taxes, insurance & HOA | $542.67 | $542.67 | $542.67 |
| Total housing payment | $2,707.30 | $3,206.61 | $4,050.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,011
Closing costs & prepaids$15,795
Usable credit−$0
Total buyer cash needed$42,806
Earnest money paid−$0
Remaining funds due$42,806
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,269.94
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$492.00
Prepaid interest, first (7 days)$267.29
Prepaid interest, second (7 days)$111.59
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$72,841Through Dec 2026
Assumption only · ends Jan 2052$197,567
Assumption + second · ends Jan 2052, second Jan 2057$328,319
New conventional · ends Jan 2057$738,169