Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,480/mo
Lowest payment- Down payment
- $221,896
- Funds due
- $237,145
- Interest + MI left
- $175,437
- First ends
- Mar 2052
Assumption
Assumption + second
$3,647/mo
+$1,167/mo- Down payment
- $62,896
- Funds due
- $79,708
- Interest + MI left
- $436,443
- First ends
- Mar 2052
New loan
New conventional
$4,491/mo
+$2,011/mo- Down payment
- $62,896
- Funds due
- $75,399
- Interest + MI left
- $821,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,104 | $403,104 | $562,104 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,909.37 | $1,909.37 | $3,807.89 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $112.42 |
| Taxes, insurance & HOA | $570.67 | $570.67 | $570.67 |
| Total housing payment | $2,480.04 | $3,646.73 | $4,490.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,896
Closing costs & prepaids$16,812
Usable credit−$0
Total buyer cash needed$79,708
Earnest money paid−$0
Remaining funds due$79,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,015.52
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)$750.00
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$303.16
Prepaid interest, second (9 days)$313.64
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 3.05%
Interest already paid$61,938Through Dec 2026
Assumption only · ends Mar 2052$175,437
Assumption + second · ends Mar 2052, second Jan 2057$436,443
New conventional · ends Jan 2057$821,889