Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,603/mo
Lowest payment- Down payment
- $247,834
- Funds due
- $267,560
- Interest + MI left
- $265,828
- First ends
- Feb 2052
Assumption
Assumption + second
$4,792/mo
+$1,189/mo- Down payment
- $85,834
- Funds due
- $107,130
- Interest + MI left
- $531,759
- First ends
- Feb 2052
New loan
New conventional
$6,059/mo
+$2,455/mo- Down payment
- $85,834
- Funds due
- $101,791
- Interest + MI left
- $1,117,191
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $602,066 | $602,066 | $764,066 |
| Second mortgage | — | $162,000 | — |
| First P&I | $2,873.82 | $2,873.82 | $5,176.05 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $152.81 |
| Taxes, insurance & HOA | $729.67 | $729.67 | $729.67 |
| Total housing payment | $3,603.49 | $4,792.19 | $6,058.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,834
Closing costs & prepaids$21,296
Usable credit−$0
Total buyer cash needed$107,130
Earnest money paid−$0
Remaining funds due$107,130
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,010.33
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)$1,020.00
Initial HOA (3 months)$519.00
Prepaid interest, first (9 days)$460.21
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$95,748Through Dec 2026
Assumption only · ends Feb 2052$265,828
Assumption + second · ends Feb 2052, second Jan 2057$531,759
New conventional · ends Jan 2057$1,117,191