Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,718/mo
Lowest payment- Down payment
- $160,173
- Funds due
- $175,498
- Interest + MI left
- $202,299
- First ends
- Mar 2052
Assumption
Assumption + second
$3,499/mo
+$780/mo- Down payment
- $63,173
- Funds due
- $79,892
- Interest + MI left
- $386,274
- First ends
- Mar 2052
New loan
New conventional
$4,435/mo
+$1,717/mo- Down payment
- $63,173
- Funds due
- $75,179
- Interest + MI left
- $821,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,827 | $464,827 | $561,827 |
| Second mortgage | — | $97,000 | — |
| First P&I | $2,201.74 | $2,201.74 | $3,806.01 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $112.37 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $2,718.40 | $3,498.89 | $4,435.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,173
Closing costs & prepaids$16,719
Usable credit−$0
Total buyer cash needed$79,892
Earnest money paid−$0
Remaining funds due$79,892
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,324.14
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)$750.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$233.05
Prepaid interest, second (6 days)$143.51
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 3.05%
Interest already paid$71,422Through Dec 2026
Assumption only · ends Mar 2052$202,299
Assumption + second · ends Mar 2052, second Jan 2057$386,274
New conventional · ends Jan 2057$821,484