Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,527/mo
Lowest payment- Down payment
- $157,535
- Funds due
- $172,311
- Interest + MI left
- $190,729
- First ends
- Jan 2052
Assumption
Assumption + second
$3,307/mo
+$780/mo- Down payment
- $60,535
- Funds due
- $76,776
- Interest + MI left
- $374,703
- First ends
- Jan 2052
New loan
New conventional
$4,182/mo
+$1,655/mo- Down payment
- $60,535
- Funds due
- $72,327
- Interest + MI left
- $787,325
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,465 | $441,465 | $538,465 |
| Second mortgage | — | $97,000 | — |
| First P&I | $2,100.31 | $2,100.31 | $3,647.75 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $107.69 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $2,526.56 | $3,307.05 | $4,181.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,535
Closing costs & prepaids$16,241
Usable credit−$0
Total buyer cash needed$76,776
Earnest money paid−$0
Remaining funds due$76,776
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,207.33
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)$718.75
Initial HOA (3 months)$60.00
Prepaid interest, first (9 days)$332.01
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 3.05%
Interest already paid$70,384Through Dec 2026
Assumption only · ends Jan 2052$190,729
Assumption + second · ends Jan 2052, second Jan 2057$374,703
New conventional · ends Jan 2057$787,325