Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $178,417
- Funds due
- $193,194
- Interest + MI left
- $196,491
- First ends
- Mar 2052
Assumption
Assumption + second
$3,388/mo
+$844/mo- Down payment
- $63,417
- Funds due
- $79,469
- Interest + MI left
- $385,269
- First ends
- Mar 2052
New loan
New conventional
$4,430/mo
+$1,885/mo- Down payment
- $63,417
- Funds due
- $74,609
- Interest + MI left
- $851,566
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,583 | $446,583 | $561,583 |
| Second mortgage | — | $115,000 | — |
| First P&I | $2,115.37 | $2,115.37 | $3,888.29 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $112.32 |
| Taxes, insurance & HOA | $429.25 | $429.25 | $429.25 |
| Total housing payment | $2,544.62 | $3,388.45 | $4,429.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,417
Closing costs & prepaids$16,051
Usable credit−$0
Total buyer cash needed$79,469
Earnest money paid−$0
Remaining funds due$79,469
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,232.91
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)$750.25
Initial HOA (3 months)$37.50
Prepaid interest, first (1 days)$37.56
Prepaid interest, second (1 days)$25.21
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 3.070%
Interest already paid$67,763Through Nov 2026
Assumption only · ends Mar 2052$196,491
Assumption + second · ends Mar 2052, second Dec 2056$385,269
New conventional · ends Dec 2056$851,566