Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,739/mo
Lowest payment- Down payment
- $134,207
- Funds due
- $153,115
- Interest + MI left
- $291,837
- First ends
- Jan 2052
Assumption
Assumption + second
$4,173/mo
+$434/mo- Down payment
- $80,207
- Funds due
- $100,445
- Interest + MI left
- $394,255
- First ends
- Jan 2052
New loan
New conventional
$5,578/mo
+$1,839/mo- Down payment
- $80,207
- Funds due
- $94,702
- Interest + MI left
- $1,052,456
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $665,793 | $665,793 | $719,793 |
| Second mortgage | — | $54,000 | — |
| First P&I | $3,181.49 | $3,181.49 | $4,876.13 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $143.96 |
| Taxes, insurance & HOA | $557.50 | $557.50 | $557.50 |
| Total housing payment | $3,738.99 | $4,173.48 | $5,577.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,207
Closing costs & prepaids$20,238
Usable credit−$0
Total buyer cash needed$100,445
Earnest money paid−$0
Remaining funds due$100,445
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%)$3,328.96
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)$62.49
Prepaid interest, first (6 days)$338.19
Prepaid interest, second (6 days)$79.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.09%
Interest already paid$107,501Through Dec 2026
Assumption only · ends Jan 2052$291,837
Assumption + second · ends Jan 2052, second Jan 2057$394,255
New conventional · ends Jan 2057$1,052,456