Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
Lowest payment- Down payment
- $127,629
- Funds due
- $140,927
- Interest + MI left
- $151,725
- First ends
- Feb 2052
Assumption
Assumption + second
$2,823/mo
+$644/mo- Down payment
- $47,629
- Funds due
- $62,355
- Interest + MI left
- $303,457
- First ends
- Feb 2052
New loan
New conventional
$3,507/mo
+$1,328/mo- Down payment
- $47,629
- Funds due
- $58,414
- Interest + MI left
- $624,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,371 | $347,371 | $427,371 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,652.64 | $1,652.64 | $2,895.16 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $85.47 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $2,179.30 | $2,823.00 | $3,507.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,629
Closing costs & prepaids$14,725
Usable credit−$0
Total buyer cash needed$62,355
Earnest money paid−$0
Remaining funds due$62,355
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,736.85
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)$570.00
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$262.95
Prepaid interest, second (9 days)$177.53
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$54,723Through Dec 2026
Assumption only · ends Feb 2052$151,725
Assumption + second · ends Feb 2052, second Jan 2057$303,457
New conventional · ends Jan 2057$624,887