Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,627/mo
Lowest payment- Down payment
- $72,125
- Funds due
- $86,085
- Interest + MI left
- $210,320
- First ends
- Mar 2052
Assumption
Assumption + second
$3,075/mo
+$448/mo- Down payment
- $28,125
- Funds due
- $43,349
- Interest + MI left
- $327,730
- First ends
- Mar 2052
New loan
New conventional
$4,061/mo
+$1,435/mo- Down payment
- $28,125
- Funds due
- $38,711
- Interest + MI left
- $786,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,875 | $472,875 | $516,875 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,247.35 | $2,247.35 | $3,578.74 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $103.38 |
| Taxes, insurance & HOA | $379.25 | $379.25 | $379.25 |
| Total housing payment | $2,626.60 | $3,074.96 | $4,061.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,125
Closing costs & prepaids$15,225
Usable credit−$0
Total buyer cash needed$43,349
Earnest money paid−$0
Remaining funds due$43,349
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,364.38
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)$457.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$40.16
Prepaid interest, second (1 days)$14.32
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 3.100%
Interest already paid$72,435Through Nov 2026
Assumption only · ends Mar 2052$210,320
Assumption + second · ends Mar 2052, second Dec 2056$327,730
New conventional · ends Dec 2056$786,563