Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $194,837
- Funds due
- $209,390
- Interest + MI left
- $174,140
- First ends
- Mar 2052
Assumption
Assumption + second
$3,355/mo
+$998/mo- Down payment
- $58,837
- Funds due
- $74,908
- Interest + MI left
- $397,391
- First ends
- Mar 2052
New loan
New conventional
$4,164/mo
+$1,807/mo- Down payment
- $58,837
- Funds due
- $70,689
- Interest + MI left
- $769,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,163 | $390,163 | $526,163 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,862.39 | $1,862.39 | $3,564.41 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $105.23 |
| Taxes, insurance & HOA | $494.67 | $494.67 | $494.67 |
| Total housing payment | $2,357.05 | $3,354.97 | $4,164.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,837
Closing costs & prepaids$16,071
Usable credit−$0
Total buyer cash needed$74,908
Earnest money paid−$0
Remaining funds due$74,908
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,950.82
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)$702.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$300.16
Prepaid interest, second (9 days)$268.27
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 3.12%
Interest already paid$61,287Through Dec 2026
Assumption only · ends Mar 2052$174,140
Assumption + second · ends Mar 2052, second Jan 2057$397,391
New conventional · ends Jan 2057$769,337