Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,261/mo
Lowest payment- Down payment
- $258,683
- Funds due
- $273,556
- Interest + MI left
- $163,946
- First ends
- Feb 2052
Assumption
Assumption + second
$3,692/mo
+$1,431/mo- Down payment
- $63,683
- Funds due
- $80,191
- Interest + MI left
- $484,049
- First ends
- Feb 2052
New loan
New conventional
$4,438/mo
+$2,177/mo- Down payment
- $63,683
- Funds due
- $75,989
- Interest + MI left
- $828,049
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,317 | $371,317 | $566,317 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,772.40 | $1,772.40 | $3,836.43 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | — | — | $113.26 |
| Taxes, insurance & HOA | $488.34 | $488.34 | $488.34 |
| Total housing payment | $2,260.73 | $3,691.57 | $4,438.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,683
Closing costs & prepaids$16,508
Usable credit−$0
Total buyer cash needed$80,191
Earnest money paid−$0
Remaining funds due$80,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,856.59
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)$756.00
Initial HOA (3 months)$209.01
Prepaid interest, first (9 days)$283.83
Prepaid interest, second (9 days)$384.66
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 3.1%
Interest already paid$59,051Through Dec 2026
Assumption only · ends Feb 2052$163,946
Assumption + second · ends Feb 2052, second Jan 2057$484,049
New conventional · ends Jan 2057$828,049