Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,346/mo
Lowest payment- Down payment
- $157,135
- Funds due
- $175,332
- Interest + MI left
- $236,019
- First ends
- Mar 2052
Assumption
Assumption + second
$4,014/mo
+$668/mo- Down payment
- $74,135
- Funds due
- $93,766
- Interest + MI left
- $393,440
- First ends
- Mar 2052
New loan
New conventional
$5,269/mo
+$1,923/mo- Down payment
- $74,135
- Funds due
- $88,668
- Interest + MI left
- $966,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $577,865 | $577,865 | $660,865 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,686.08 | $2,686.08 | $4,476.93 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $132.17 |
| Taxes, insurance & HOA | $659.67 | $659.67 | $659.67 |
| Total housing payment | $3,345.75 | $4,013.59 | $5,268.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,135
Closing costs & prepaids$19,631
Usable credit−$0
Total buyer cash needed$93,766
Earnest money paid−$0
Remaining funds due$93,766
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,889.32
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$410.36
Prepaid interest, second (9 days)$184.19
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 2.88%
Interest already paid$83,971Through Dec 2026
Assumption only · ends Mar 2052$236,019
Assumption + second · ends Mar 2052, second Jan 2057$393,440
New conventional · ends Jan 2057$966,294