Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,882/mo
Lowest payment- Down payment
- $160,696
- Funds due
- $176,614
- Interest + MI left
- $214,476
- First ends
- Jan 2052
Assumption
Assumption + second
$3,646/mo
+$764/mo- Down payment
- $65,696
- Funds due
- $83,075
- Interest + MI left
- $394,657
- First ends
- Jan 2052
New loan
New conventional
$4,619/mo
+$1,737/mo- Down payment
- $65,696
- Funds due
- $78,379
- Interest + MI left
- $854,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,304 | $489,304 | $584,304 |
| Second mortgage | — | $95,000 | — |
| First P&I | $2,338.14 | $2,338.14 | $3,958.28 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $116.86 |
| Taxes, insurance & HOA | $543.67 | $543.67 | $543.67 |
| Total housing payment | $2,881.81 | $3,646.20 | $4,618.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,696
Closing costs & prepaids$17,379
Usable credit−$0
Total buyer cash needed$83,075
Earnest money paid−$0
Remaining funds due$83,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,446.52
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)$780.00
Initial HOA (3 months)$351.00
Prepaid interest, first (9 days)$372.81
Prepaid interest, second (9 days)$210.82
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 1 moOf the original 30-year loan at 3.09%
Interest already paid$79,004Through Dec 2026
Assumption only · ends Jan 2052$214,476
Assumption + second · ends Jan 2052, second Jan 2057$394,657
New conventional · ends Jan 2057$854,349