Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,163/mo
Lowest payment- Down payment
- $167,229
- Funds due
- $180,795
- Interest + MI left
- $164,735
- First ends
- Feb 2052
Assumption
Assumption + second
$2,992/mo
+$829/mo- Down payment
- $54,229
- Funds due
- $69,193
- Interest + MI left
- $350,230
- First ends
- Feb 2052
New loan
New conventional
$3,767/mo
+$1,604/mo- Down payment
- $54,229
- Funds due
- $64,983
- Interest + MI left
- $708,815
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,771 | $371,771 | $484,771 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,776.51 | $1,776.51 | $3,284.01 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $96.95 |
| Taxes, insurance & HOA | $386.33 | $386.33 | $386.33 |
| Total housing payment | $2,162.84 | $2,991.99 | $3,767.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,229
Closing costs & prepaids$14,965
Usable credit−$0
Total buyer cash needed$69,193
Earnest money paid−$0
Remaining funds due$69,193
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,858.86
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)$646.75
Initial HOA (3 months)$12.24
Prepaid interest, first (6 days)$190.06
Prepaid interest, second (6 days)$148.60
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 2 moOf the original 30-year loan at 3.11%
Interest already paid$59,309Through Dec 2026
Assumption only · ends Feb 2052$164,735
Assumption + second · ends Feb 2052, second Jan 2057$350,230
New conventional · ends Jan 2057$708,815