Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,043/mo
Lowest payment- Down payment
- $111,090
- Funds due
- $126,836
- Interest + MI left
- $243,610
- First ends
- Feb 2052
Assumption
Assumption + second
$3,421/mo
+$378/mo- Down payment
- $64,090
- Funds due
- $81,156
- Interest + MI left
- $332,752
- First ends
- Feb 2052
New loan
New conventional
$4,501/mo
+$1,459/mo- Down payment
- $64,090
- Funds due
- $76,158
- Interest + MI left
- $842,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $528,910 | $528,910 | $575,910 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,558.01 | $2,558.01 | $3,901.41 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $115.18 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $3,042.68 | $3,420.85 | $4,501.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,090
Closing costs & prepaids$17,066
Usable credit−$0
Total buyer cash needed$81,156
Earnest money paid−$0
Remaining funds due$81,156
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,644.55
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)$768.00
Initial HOA (3 months)$186.00
Prepaid interest, first (6 days)$279.96
Prepaid interest, second (6 days)$69.53
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 3.22%
Interest already paid$87,275Through Dec 2026
Assumption only · ends Feb 2052$243,610
Assumption + second · ends Feb 2052, second Jan 2057$332,752
New conventional · ends Jan 2057$842,076