Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,971/mo
Lowest payment- Down payment
- $243,890
- Funds due
- $261,430
- Interest + MI left
- $217,787
- First ends
- Mar 2052
Assumption
Assumption + second
$4,233/mo
+$1,262/mo- Down payment
- $71,890
- Funds due
- $91,020
- Interest + MI left
- $500,134
- First ends
- Mar 2052
New loan
New conventional
$5,183/mo
+$2,212/mo- Down payment
- $71,890
- Funds due
- $86,328
- Interest + MI left
- $940,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $471,110 | $471,110 | $643,110 |
| Second mortgage | — | $172,000 | — |
| First P&I | $2,273.59 | $2,273.59 | $4,356.65 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $128.62 |
| Taxes, insurance & HOA | $697.67 | $697.67 | $697.67 |
| Total housing payment | $2,971.25 | $4,233.33 | $5,182.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,890
Closing costs & prepaids$19,130
Usable credit−$0
Total buyer cash needed$91,020
Earnest money paid−$0
Remaining funds due$91,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,355.55
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)$858.00
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$374.05
Prepaid interest, second (9 days)$339.29
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 3.22%
Interest already paid$76,307Through Dec 2026
Assumption only · ends Mar 2052$217,787
Assumption + second · ends Mar 2052, second Jan 2057$500,134
New conventional · ends Jan 2057$940,333