Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $131,908
- Funds due
- $145,580
- Interest + MI left
- $169,766
- First ends
- Mar 2052
Assumption
Assumption + second
$2,917/mo
+$644/mo- Down payment
- $51,908
- Funds due
- $67,007
- Interest + MI left
- $321,497
- First ends
- Mar 2052
New loan
New conventional
$3,678/mo
+$1,405/mo- Down payment
- $51,908
- Funds due
- $62,880
- Interest + MI left
- $677,117
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,092 | $383,092 | $463,092 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,824.62 | $1,824.62 | $3,137.15 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $92.62 |
| Taxes, insurance & HOA | $448.67 | $448.67 | $448.67 |
| Total housing payment | $2,273.28 | $2,916.98 | $3,678.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,908
Closing costs & prepaids$15,100
Usable credit−$0
Total buyer cash needed$67,007
Earnest money paid−$0
Remaining funds due$67,007
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,915.46
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)$618.00
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$292.83
Prepaid interest, second (9 days)$177.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.1%
Interest already paid$59,802Through Dec 2026
Assumption only · ends Mar 2052$169,766
Assumption + second · ends Mar 2052, second Jan 2057$321,497
New conventional · ends Jan 2057$677,117