Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,116/mo
Lowest payment- Down payment
- $103,548
- Funds due
- $115,974
- Interest + MI left
- $146,975
- First ends
- Mar 2052
Assumption
Assumption + second
$2,599/mo
+$483/mo- Down payment
- $43,548
- Funds due
- $57,239
- Interest + MI left
- $260,773
- First ends
- Mar 2052
New loan
New conventional
$3,327/mo
+$1,211/mo- Down payment
- $43,548
- Funds due
- $53,144
- Interest + MI left
- $592,147
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,452 | $330,452 | $390,452 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,570.48 | $1,570.48 | $2,703.41 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $78.09 |
| Taxes, insurance & HOA | $545.92 | $545.92 | $545.92 |
| Total housing payment | $2,116.40 | $2,599.17 | $3,327.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,548
Closing costs & prepaids$13,691
Usable credit−$0
Total buyer cash needed$57,239
Earnest money paid−$0
Remaining funds due$57,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,652.26
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)$647.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$28.07
Prepaid interest, second (1 days)$14.79
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$50,619Through Nov 2026
Assumption only · ends Mar 2052$146,975
Assumption + second · ends Mar 2052, second Dec 2056$260,773
New conventional · ends Dec 2056$592,147