Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,686/mo
Lowest payment- Down payment
- $67,635
- Funds due
- $81,990
- Interest + MI left
- $205,977
- First ends
- Feb 2052
Assumption
Assumption + second
$3,104/mo
+$418/mo- Down payment
- $26,635
- Funds due
- $42,360
- Interest + MI left
- $315,381
- First ends
- Feb 2052
New loan
New conventional
$3,984/mo
+$1,298/mo- Down payment
- $26,635
- Funds due
- $38,154
- Interest + MI left
- $738,721
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,365 | $462,365 | $503,365 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,213.05 | $2,213.05 | $3,409.97 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $100.67 |
| Taxes, insurance & HOA | $473.00 | $473.00 | $473.00 |
| Total housing payment | $2,686.05 | $3,103.84 | $3,983.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,635
Closing costs & prepaids$15,725
Usable credit−$0
Total buyer cash needed$42,360
Earnest money paid−$0
Remaining funds due$42,360
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,311.82
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)$636.00
Initial HOA (3 months)$282.99
Prepaid interest, first (9 days)$356.27
Prepaid interest, second (9 days)$120.05
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 3.125%
Interest already paid$74,107Through Dec 2026
Assumption only · ends Feb 2052$205,977
Assumption + second · ends Feb 2052, second Jan 2057$315,381
New conventional · ends Jan 2057$738,721