Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,418/mo
Lowest payment- Down payment
- $221,014
- Funds due
- $235,810
- Interest + MI left
- $176,463
- First ends
- Mar 2052
Assumption
Assumption + second
$3,577/mo
+$1,159/mo- Down payment
- $63,014
- Funds due
- $79,095
- Interest + MI left
- $435,829
- First ends
- Mar 2052
New loan
New conventional
$4,512/mo
+$2,094/mo- Down payment
- $63,014
- Funds due
- $74,448
- Interest + MI left
- $852,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,986 | $403,986 | $561,986 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,909.37 | $1,909.37 | $3,891.08 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $112.40 |
| Taxes, insurance & HOA | $508.25 | $508.25 | $508.25 |
| Total housing payment | $2,417.62 | $3,576.97 | $4,511.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,014
Closing costs & prepaids$16,081
Usable credit−$0
Total buyer cash needed$79,095
Earnest money paid−$0
Remaining funds due$79,095
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.93
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)$562.75
Initial HOA (3 months)$462.00
Prepaid interest, first (1 days)$33.76
Prepaid interest, second (1 days)$34.63
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 3.050%
Interest already paid$60,911Through Nov 2026
Assumption only · ends Mar 2052$176,463
Assumption + second · ends Mar 2052, second Dec 2056$435,829
New conventional · ends Dec 2056$852,290