Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
Lowest payment- Down payment
- $137,144
- Funds due
- $151,167
- Interest + MI left
- $136,977
- First ends
- Mar 2052
Assumption
Assumption + second
$2,956/mo
+$660/mo- Down payment
- $55,144
- Funds due
- $70,437
- Interest + MI left
- $292,502
- First ends
- Mar 2052
New loan
New conventional
$4,013/mo
+$1,717/mo- Down payment
- $55,144
- Funds due
- $65,831
- Interest + MI left
- $750,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,856 | $412,856 | $494,856 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,808.66 | $1,808.66 | $3,426.28 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $98.97 |
| Taxes, insurance & HOA | $487.83 | $487.83 | $487.83 |
| Total housing payment | $2,296.49 | $2,956.29 | $4,013.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,144
Closing costs & prepaids$15,293
Usable credit−$0
Total buyer cash needed$70,437
Earnest money paid−$0
Remaining funds due$70,437
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,064.28
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)$603.50
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$26.86
Prepaid interest, second (1 days)$20.22
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 4 moOf the original 30-year loan at 2.375%
Interest already paid$48,774Through Nov 2026
Assumption only · ends Mar 2052$136,977
Assumption + second · ends Mar 2052, second Dec 2056$292,502
New conventional · ends Dec 2056$750,482