Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $156,378
- Funds due
- $169,851
- Interest + MI left
- $158,922
- First ends
- Mar 2052
Assumption
Assumption + second
$2,901/mo
+$763/mo- Down payment
- $52,378
- Funds due
- $67,307
- Interest + MI left
- $329,643
- First ends
- Mar 2052
New loan
New conventional
$3,656/mo
+$1,518/mo- Down payment
- $52,378
- Funds due
- $63,286
- Interest + MI left
- $676,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,622 | $358,622 | $462,622 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,708.07 | $1,708.07 | $3,133.96 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $92.52 |
| Taxes, insurance & HOA | $429.34 | $429.34 | $429.34 |
| Total housing payment | $2,137.40 | $2,900.52 | $3,655.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,378
Closing costs & prepaids$14,928
Usable credit−$0
Total buyer cash needed$67,307
Earnest money paid−$0
Remaining funds due$67,307
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,793.11
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)$618.00
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$274.12
Prepaid interest, second (9 days)$205.15
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$55,982Through Dec 2026
Assumption only · ends Mar 2052$158,922
Assumption + second · ends Mar 2052, second Jan 2057$329,643
New conventional · ends Jan 2057$676,337