Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,484/mo
Lowest payment- Down payment
- $49,666
- Funds due
- $62,927
- Interest + MI left
- $185,778
- First ends
- Jan 2052
Assumption
Assumption + second
$2,739/mo
+$255/mo- Down payment
- $24,666
- Funds due
- $39,185
- Interest + MI left
- $252,489
- First ends
- Jan 2052
New loan
New conventional
$3,668/mo
+$1,185/mo- Down payment
- $24,666
- Funds due
- $34,817
- Interest + MI left
- $685,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,334 | $425,334 | $450,334 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,023.55 | $2,023.55 | $3,118.02 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $90.07 |
| Taxes, insurance & HOA | $460.33 | $460.33 | $460.33 |
| Total housing payment | $2,483.88 | $2,738.63 | $3,668.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,666
Closing costs & prepaids$14,520
Usable credit−$0
Total buyer cash needed$39,185
Earnest money paid−$0
Remaining funds due$39,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,126.67
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)$655.00
Initial HOA (3 months)$225.99
Prepaid interest, first (1 days)$35.77
Prepaid interest, second (1 days)$8.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.070%
Interest already paid$67,006Through Nov 2026
Assumption only · ends Jan 2052$185,778
Assumption + second · ends Jan 2052, second Dec 2056$252,489
New conventional · ends Dec 2056$685,304