Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,097/mo
Lowest payment- Down payment
- $359,759
- Funds due
- $375,043
- Interest + MI left
- $148,017
- First ends
- Feb 2052
Assumption
Assumption + second
$4,174/mo
+$2,078/mo- Down payment
- $69,759
- Funds due
- $86,724
- Interest + MI left
- $605,952
- First ends
- Feb 2052
New loan
New conventional
$4,857/mo
+$2,760/mo- Down payment
- $69,759
- Funds due
- $82,537
- Interest + MI left
- $914,206
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,241 | $335,241 | $625,241 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,600.19 | $1,600.19 | $4,235.60 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | — | — | $125.05 |
| Taxes, insurance & HOA | $496.67 | $496.67 | $496.67 |
| Total housing payment | $2,096.86 | $4,174.45 | $4,857.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,759
Closing costs & prepaids$16,965
Usable credit−$0
Total buyer cash needed$86,724
Earnest money paid−$0
Remaining funds due$86,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,676.20
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)$834.00
Initial HOA (3 months)$156.00
Prepaid interest, first (7 days)$199.31
Prepaid interest, second (7 days)$431.03
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 3.1%
Interest already paid$53,314Through Dec 2026
Assumption only · ends Feb 2052$148,017
Assumption + second · ends Feb 2052, second Jan 2057$605,952
New conventional · ends Jan 2057$914,206