Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,031/mo
Lowest payment- Down payment
- $192,962
- Funds due
- $206,450
- Interest + MI left
- $146,775
- First ends
- Feb 2052
Assumption
Assumption + second
$3,058/mo
+$1,027/mo- Down payment
- $52,962
- Funds due
- $67,976
- Interest + MI left
- $376,593
- First ends
- Feb 2052
New loan
New conventional
$3,752/mo
+$1,721/mo- Down payment
- $52,962
- Funds due
- $64,036
- Interest + MI left
- $696,046
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,038 | $336,038 | $476,038 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,598.72 | $1,598.72 | $3,224.85 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $95.21 |
| Taxes, insurance & HOA | $431.92 | $431.92 | $431.92 |
| Total housing payment | $2,030.64 | $3,057.91 | $3,751.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,962
Closing costs & prepaids$15,014
Usable credit−$0
Total buyer cash needed$67,976
Earnest money paid−$0
Remaining funds due$67,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,680.19
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)$634.75
Initial HOA (3 months)$161.01
Prepaid interest, first (9 days)$254.38
Prepaid interest, second (9 days)$276.16
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 2 moOf the original 30-year loan at 3.07%
Interest already paid$52,938Through Dec 2026
Assumption only · ends Feb 2052$146,775
Assumption + second · ends Feb 2052, second Jan 2057$376,593
New conventional · ends Jan 2057$696,046