Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,348/mo
Lowest payment- Down payment
- $156,503
- Funds due
- $174,568
- Interest + MI left
- $241,522
- First ends
- Feb 2052
Assumption
Assumption + second
$3,999/mo
+$652/mo- Down payment
- $75,503
- Funds due
- $94,937
- Interest + MI left
- $395,150
- First ends
- Feb 2052
New loan
New conventional
$5,287/mo
+$1,939/mo- Down payment
- $75,503
- Funds due
- $89,567
- Interest + MI left
- $986,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $593,497 | $593,497 | $674,497 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,764.96 | $2,764.96 | $4,569.28 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $134.90 |
| Taxes, insurance & HOA | $582.67 | $582.67 | $582.67 |
| Total housing payment | $3,347.63 | $3,999.38 | $5,286.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,503
Closing costs & prepaids$19,434
Usable credit−$0
Total buyer cash needed$94,937
Earnest money paid−$0
Remaining funds due$94,937
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%)$2,967.48
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)$198.00
Prepaid interest, first (6 days)$280.98
Prepaid interest, second (6 days)$119.84
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 2.88%
Interest already paid$87,865Through Dec 2026
Assumption only · ends Feb 2052$241,522
Assumption + second · ends Feb 2052, second Jan 2057$395,150
New conventional · ends Jan 2057$986,226