Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
Lowest payment- Down payment
- $257,872
- Funds due
- $272,257
- Interest + MI left
- $164,907
- First ends
- Feb 2052
Assumption
Assumption + second
$3,604/mo
+$1,424/mo- Down payment
- $63,872
- Funds due
- $79,549
- Interest + MI left
- $483,369
- First ends
- Feb 2052
New loan
New conventional
$4,441/mo
+$2,261/mo- Down payment
- $63,872
- Funds due
- $75,048
- Interest + MI left
- $858,458
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,128 | $372,128 | $566,128 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,772.40 | $1,772.40 | $3,919.76 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | — | — | $113.23 |
| Taxes, insurance & HOA | $408.34 | $408.34 | $408.34 |
| Total housing payment | $2,180.73 | $3,604.24 | $4,441.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,872
Closing costs & prepaids$15,678
Usable credit−$0
Total buyer cash needed$79,549
Earnest money paid−$0
Remaining funds due$79,549
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,860.64
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)$516.00
Initial HOA (3 months)$209.01
Prepaid interest, first (1 days)$31.61
Prepaid interest, second (1 days)$42.52
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$58,090Through Nov 2026
Assumption only · ends Feb 2052$164,907
Assumption + second · ends Feb 2052, second Dec 2056$483,369
New conventional · ends Dec 2056$858,458