Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $179,390
- Funds due
- $194,461
- Interest + MI left
- $195,348
- First ends
- Mar 2052
Assumption
Assumption + second
$3,396/mo
+$851/mo- Down payment
- $63,390
- Funds due
- $79,940
- Interest + MI left
- $385,768
- First ends
- Mar 2052
New loan
New conventional
$4,346/mo
+$1,801/mo- Down payment
- $63,390
- Funds due
- $75,463
- Interest + MI left
- $821,167
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,610 | $445,610 | $561,610 |
| Second mortgage | — | $116,000 | — |
| First P&I | $2,115.37 | $2,115.37 | $3,804.54 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $112.32 |
| Taxes, insurance & HOA | $429.17 | $429.17 | $429.17 |
| Total housing payment | $2,544.54 | $3,395.71 | $4,346.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,390
Closing costs & prepaids$16,550
Usable credit−$0
Total buyer cash needed$79,940
Earnest money paid−$0
Remaining funds due$79,940
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%)$2,228.05
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)$37.50
Prepaid interest, first (9 days)$337.32
Prepaid interest, second (9 days)$228.82
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 3.07%
Interest already paid$68,906Through Dec 2026
Assumption only · ends Mar 2052$195,348
Assumption + second · ends Mar 2052, second Jan 2057$385,768
New conventional · ends Jan 2057$821,167