Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,010/mo
Lowest payment- Down payment
- $237,294
- Funds due
- $255,155
- Interest + MI left
- $210,602
- First ends
- Mar 2052
Assumption
Assumption + second
$4,199/mo
+$1,189/mo- Down payment
- $75,294
- Funds due
- $94,724
- Interest + MI left
- $476,534
- First ends
- Mar 2052
New loan
New conventional
$5,325/mo
+$2,315/mo- Down payment
- $75,294
- Funds due
- $89,878
- Interest + MI left
- $985,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,706 | $511,706 | $673,706 |
| Second mortgage | — | $162,000 | — |
| First P&I | $2,383.86 | $2,383.86 | $4,563.92 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $134.74 |
| Taxes, insurance & HOA | $626.25 | $626.25 | $626.25 |
| Total housing payment | $3,010.11 | $4,198.81 | $5,324.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,294
Closing costs & prepaids$19,431
Usable credit−$0
Total buyer cash needed$94,724
Earnest money paid−$0
Remaining funds due$94,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,558.53
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$898.75
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$365.91
Prepaid interest, second (9 days)$319.56
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 2.9%
Interest already paid$74,860Through Dec 2026
Assumption only · ends Mar 2052$210,602
Assumption + second · ends Mar 2052, second Jan 2057$476,534
New conventional · ends Jan 2057$985,070