Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,039/mo
Lowest payment- Down payment
- $131,813
- Funds due
- $147,707
- Interest + MI left
- $240,264
- First ends
- Jan 2052
Assumption
Assumption + second
$3,570/mo
+$531/mo- Down payment
- $65,813
- Funds due
- $83,055
- Interest + MI left
- $365,442
- First ends
- Jan 2052
New loan
New conventional
$4,594/mo
+$1,555/mo- Down payment
- $65,813
- Funds due
- $78,078
- Interest + MI left
- $854,178
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,187 | $518,187 | $584,187 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,519.77 | $2,519.77 | $3,957.49 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $116.84 |
| Taxes, insurance & HOA | $519.67 | $519.67 | $519.67 |
| Total housing payment | $3,039.44 | $3,570.49 | $4,593.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,813
Closing costs & prepaids$17,242
Usable credit−$0
Total buyer cash needed$83,055
Earnest money paid−$0
Remaining funds due$83,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,590.94
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)$780.00
Initial HOA (3 months)$279.00
Prepaid interest, first (6 days)$276.84
Prepaid interest, second (6 days)$97.64
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 1 moOf the original 30-year loan at 3.25%
Interest already paid$87,871Through Dec 2026
Assumption only · ends Jan 2052$240,264
Assumption + second · ends Jan 2052, second Jan 2057$365,442
New conventional · ends Jan 2057$854,178