Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,970/mo
Lowest payment- Down payment
- $180,016
- Funds due
- $200,132
- Interest + MI left
- $305,753
- First ends
- Feb 2052
Assumption
Assumption + second
$4,710/mo
+$740/mo- Down payment
- $88,016
- Funds due
- $109,518
- Interest + MI left
- $480,244
- First ends
- Feb 2052
New loan
New conventional
$6,145/mo
+$2,175/mo- Down payment
- $88,016
- Funds due
- $103,559
- Interest + MI left
- $1,150,701
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $694,984 | $694,984 | $786,984 |
| Second mortgage | — | $92,000 | — |
| First P&I | $3,313.70 | $3,313.70 | $5,331.30 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $157.40 |
| Taxes, insurance & HOA | $656.50 | $656.50 | $656.50 |
| Total housing payment | $3,970.20 | $4,710.45 | $6,145.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,016
Closing costs & prepaids$21,502
Usable credit−$0
Total buyer cash needed$109,518
Earnest money paid−$0
Remaining funds due$109,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,474.92
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)$1,050.00
Initial HOA (3 months)$269.49
Prepaid interest, first (6 days)$353.01
Prepaid interest, second (6 days)$136.11
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 3.09%
Interest already paid$110,178Through Dec 2026
Assumption only · ends Feb 2052$305,753
Assumption + second · ends Feb 2052, second Jan 2057$480,244
New conventional · ends Jan 2057$1,150,701