Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $63,925
- Funds due
- $77,304
- Interest + MI left
- $202,253
- First ends
- Sep 2051
Assumption
Assumption + second
$2,904/mo
+$387/mo- Down payment
- $25,925
- Funds due
- $40,566
- Interest + MI left
- $303,652
- First ends
- Sep 2051
New loan
New conventional
$3,774/mo
+$1,257/mo- Down payment
- $25,925
- Funds due
- $36,129
- Interest + MI left
- $721,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,975 | $435,975 | $473,975 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,119.11 | $2,119.11 | $3,281.71 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $94.80 |
| Taxes, insurance & HOA | $397.75 | $397.75 | $397.75 |
| Total housing payment | $2,516.86 | $2,904.08 | $3,774.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,925
Closing costs & prepaids$14,641
Usable credit−$0
Total buyer cash needed$40,566
Earnest money paid−$0
Remaining funds due$40,566
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,179.88
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)$487.25
Initial HOA (3 months)$206.01
Prepaid interest, first (1 days)$38.82
Prepaid interest, second (1 days)$12.36
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 closing24 yr 10 moOf the original 30-year loan at 3.250%
Interest already paid$77,432Through Nov 2026
Assumption only · ends Sep 2051$202,253
Assumption + second · ends Sep 2051, second Dec 2056$303,652
New conventional · ends Dec 2056$721,280