Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,071/mo
Lowest payment- Down payment
- $165,599
- Funds due
- $178,734
- Interest + MI left
- $159,850
- First ends
- Mar 2052
Assumption
Assumption + second
$2,900/mo
+$829/mo- Down payment
- $52,599
- Funds due
- $67,008
- Interest + MI left
- $345,346
- First ends
- Mar 2052
New loan
New conventional
$3,728/mo
+$1,657/mo- Down payment
- $52,599
- Funds due
- $62,683
- Interest + MI left
- $716,428
- 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 | $472,401 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,708.07 | $1,708.07 | $3,270.81 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $94.48 |
| Taxes, insurance & HOA | $363.17 | $363.17 | $363.17 |
| Total housing payment | $2,071.24 | $2,900.39 | $3,728.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,599
Closing costs & prepaids$14,410
Usable credit−$0
Total buyer cash needed$67,008
Earnest money paid−$0
Remaining funds due$67,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
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)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$419.50
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$30.52
Prepaid interest, second (1 days)$24.77
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$345,346
New conventional · ends Dec 2056$716,428