Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,064/mo
Lowest payment- Down payment
- $90,599
- Funds due
- $102,763
- Interest + MI left
- $159,850
- First ends
- Mar 2052
Assumption
Assumption + second
$2,426/mo
+$362/mo- Down payment
- $45,599
- Funds due
- $59,024
- Interest + MI left
- $245,199
- First ends
- Mar 2052
New loan
New conventional
$3,237/mo
+$1,173/mo- Down payment
- $45,599
- Funds due
- $54,769
- Interest + MI left
- $613,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,401 | $359,401 | $404,401 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,708.07 | $1,708.07 | $2,799.99 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $80.88 |
| Taxes, insurance & HOA | $356.33 | $356.33 | $356.33 |
| Total housing payment | $2,064.40 | $2,426.48 | $3,237.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,599
Closing costs & prepaids$13,426
Usable credit−$0
Total buyer cash needed$59,024
Earnest money paid−$0
Remaining funds due$59,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,797.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$349.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$30.52
Prepaid interest, second (1 days)$11.10
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$55,053Through Nov 2026
Assumption only · ends Mar 2052$159,850
Assumption + second · ends Mar 2052, second Dec 2056$245,199
New conventional · ends Dec 2056$613,220