Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $102,516
- Funds due
- $117,531
- Interest + MI left
- $209,380
- First ends
- Mar 2052
Assumption
Assumption + second
$3,137/mo
+$362/mo- Down payment
- $57,516
- Funds due
- $73,881
- Interest + MI left
- $294,729
- First ends
- Mar 2052
New loan
New conventional
$4,134/mo
+$1,359/mo- Down payment
- $57,516
- Funds due
- $69,356
- Interest + MI left
- $756,647
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,484 | $472,484 | $517,484 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,250.38 | $2,250.38 | $3,505.62 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $103.50 |
| Taxes, insurance & HOA | $524.67 | $524.67 | $524.67 |
| Total housing payment | $2,775.04 | $3,137.12 | $4,133.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,516
Closing costs & prepaids$16,365
Usable credit−$0
Total buyer cash needed$73,881
Earnest money paid−$0
Remaining funds due$73,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,362.42
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)$690.00
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$361.16
Prepaid interest, second (9 days)$99.86
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$73,756Through Dec 2026
Assumption only · ends Mar 2052$209,380
Assumption + second · ends Mar 2052, second Jan 2057$294,729
New conventional · ends Jan 2057$756,647