Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,742/mo
Lowest payment- Down payment
- $159,646
- Funds due
- $175,093
- Interest + MI left
- $201,743
- First ends
- Jan 2052
Assumption
Assumption + second
$3,522/mo
+$780/mo- Down payment
- $62,646
- Funds due
- $79,559
- Interest + MI left
- $385,717
- First ends
- Jan 2052
New loan
New conventional
$4,429/mo
+$1,687/mo- Down payment
- $62,646
- Funds due
- $75,008
- Interest + MI left
- $814,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $460,254 | $460,254 | $557,254 |
| Second mortgage | — | $97,000 | — |
| First P&I | $2,199.32 | $2,199.32 | $3,775.03 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $111.45 |
| Taxes, insurance & HOA | $542.67 | $542.67 | $542.67 |
| Total housing payment | $2,741.99 | $3,522.47 | $4,429.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,646
Closing costs & prepaids$16,912
Usable credit−$0
Total buyer cash needed$79,559
Earnest money paid−$0
Remaining funds due$79,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,301.27
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)$744.00
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$350.68
Prepaid interest, second (9 days)$215.26
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 1 moOf the original 30-year loan at 3.09%
Interest already paid$74,314Through Dec 2026
Assumption only · ends Jan 2052$201,743
Assumption + second · ends Jan 2052, second Jan 2057$385,717
New conventional · ends Jan 2057$814,798