Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,735/mo
Lowest payment- Down payment
- $199,854
- Funds due
- $215,592
- Interest + MI left
- $205,685
- First ends
- Mar 2052
Assumption
Assumption + second
$3,711/mo
+$976/mo- Down payment
- $66,854
- Funds due
- $84,017
- Interest + MI left
- $424,011
- First ends
- Mar 2052
New loan
New conventional
$4,689/mo
+$1,954/mo- Down payment
- $66,854
- Funds due
- $79,278
- Interest + MI left
- $873,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,146 | $464,146 | $597,146 |
| Second mortgage | — | $133,000 | — |
| First P&I | $2,210.66 | $2,210.66 | $4,045.28 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $119.43 |
| Taxes, insurance & HOA | $524.25 | $524.25 | $524.25 |
| Total housing payment | $2,734.91 | $3,710.82 | $4,688.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,854
Closing costs & prepaids$17,163
Usable credit−$0
Total buyer cash needed$84,017
Earnest money paid−$0
Remaining funds due$84,017
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,320.73
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)$796.75
Initial HOA (3 months)$276.00
Prepaid interest, first (6 days)$236.52
Prepaid interest, second (6 days)$174.90
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$72,454Through Dec 2026
Assumption only · ends Mar 2052$205,685
Assumption + second · ends Mar 2052, second Jan 2057$424,011
New conventional · ends Jan 2057$873,126