Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
Lowest payment- Down payment
- $166,559
- Funds due
- $181,119
- Interest + MI left
- $191,853
- First ends
- Jan 2052
Assumption
Assumption + second
$3,288/mo
+$770/mo- Down payment
- $61,559
- Funds due
- $77,392
- Interest + MI left
- $364,216
- First ends
- Jan 2052
New loan
New conventional
$4,317/mo
+$1,800/mo- Down payment
- $61,559
- Funds due
- $72,572
- Interest + MI left
- $830,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,441 | $442,441 | $547,441 |
| Second mortgage | — | $105,000 | — |
| First P&I | $2,100.31 | $2,100.31 | $3,790.37 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $109.49 |
| Taxes, insurance & HOA | $417.58 | $417.58 | $417.58 |
| Total housing payment | $2,517.90 | $3,288.35 | $4,317.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,559
Closing costs & prepaids$15,833
Usable credit−$0
Total buyer cash needed$77,392
Earnest money paid−$0
Remaining funds due$77,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,212.20
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)$692.75
Initial HOA (3 months)$60.00
Prepaid interest, first (1 days)$36.97
Prepaid interest, second (1 days)$23.01
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 2 moOf the original 30-year loan at 3.050%
Interest already paid$69,259Through Nov 2026
Assumption only · ends Jan 2052$191,853
Assumption + second · ends Jan 2052, second Dec 2056$364,216
New conventional · ends Dec 2056$830,122