Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,626/mo
Lowest payment- Down payment
- $106,465
- Funds due
- $120,896
- Interest + MI left
- $194,371
- First ends
- Jan 2052
Assumption
Assumption + second
$3,036/mo
+$410/mo- Down payment
- $55,465
- Funds due
- $71,221
- Interest + MI left
- $291,099
- First ends
- Jan 2052
New loan
New conventional
$3,955/mo
+$1,329/mo- Down payment
- $55,465
- Funds due
- $66,689
- Interest + MI left
- $722,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,435 | $443,435 | $494,435 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,118.95 | $2,118.95 | $3,349.47 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $98.89 |
| Taxes, insurance & HOA | $507.00 | $507.00 | $507.00 |
| Total housing payment | $2,625.95 | $3,036.31 | $3,955.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,465
Closing costs & prepaids$15,756
Usable credit−$0
Total buyer cash needed$71,221
Earnest money paid−$0
Remaining funds due$71,221
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,217.17
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)$660.00
Initial HOA (3 months)$360.99
Prepaid interest, first (6 days)$225.24
Prepaid interest, second (6 days)$75.45
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 3.09%
Interest already paid$71,598Through Dec 2026
Assumption only · ends Jan 2052$194,371
Assumption + second · ends Jan 2052, second Jan 2057$291,099
New conventional · ends Jan 2057$722,946