Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,554/mo
Lowest payment- Down payment
- $63,925
- Funds due
- $77,727
- Interest + MI left
- $202,229
- First ends
- Sep 2051
Assumption
Assumption + second
$2,942/mo
+$387/mo- Down payment
- $25,925
- Funds due
- $41,089
- Interest + MI left
- $303,628
- First ends
- Sep 2051
New loan
New conventional
$3,741/mo
+$1,187/mo- Down payment
- $25,925
- Funds due
- $36,985
- Interest + MI left
- $695,495
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,975 | $435,975 | $473,975 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,119.11 | $2,119.11 | $3,210.87 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $94.80 |
| Taxes, insurance & HOA | $435.34 | $435.34 | $435.34 |
| Total housing payment | $2,554.44 | $2,941.66 | $3,741.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,925
Closing costs & prepaids$15,164
Usable credit−$0
Total buyer cash needed$41,089
Earnest money paid−$0
Remaining funds due$41,089
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,179.88
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)$600.00
Initial HOA (3 months)$206.01
Prepaid interest, first (9 days)$349.38
Prepaid interest, second (9 days)$111.27
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 closing24 yr 9 moOf the original 30-year loan at 3.25%
Interest already paid$78,604Through Dec 2026
Assumption only · ends Sep 2051$202,229
Assumption + second · ends Sep 2051, second Jan 2057$303,628
New conventional · ends Jan 2057$695,495