Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,293/mo
Lowest payment- Down payment
- $181,796
- Funds due
- $199,634
- Interest + MI left
- $265,403
- First ends
- Mar 2052
Assumption
Assumption + second
$4,071/mo
+$778/mo- Down payment
- $75,796
- Funds due
- $95,023
- Interest + MI left
- $439,408
- First ends
- Mar 2052
New loan
New conventional
$5,244/mo
+$1,951/mo- Down payment
- $75,796
- Funds due
- $89,734
- Interest + MI left
- $985,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $568,204 | $568,204 | $674,204 |
| Second mortgage | — | $106,000 | — |
| First P&I | $2,751.18 | $2,751.18 | $4,567.29 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $134.84 |
| Taxes, insurance & HOA | $541.67 | $541.67 | $541.67 |
| Total housing payment | $3,292.85 | $4,070.64 | $5,243.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,796
Closing costs & prepaids$19,227
Usable credit−$0
Total buyer cash needed$95,023
Earnest money paid−$0
Remaining funds due$95,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,841.02
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)$900.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$303.56
Prepaid interest, second (6 days)$139.40
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 3.25%
Interest already paid$92,866Through Dec 2026
Assumption only · ends Mar 2052$265,403
Assumption + second · ends Mar 2052, second Jan 2057$439,408
New conventional · ends Jan 2057$985,798