Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,619/mo
Lowest payment- Down payment
- $58,715
- Funds due
- $72,423
- Interest + MI left
- $213,127
- First ends
- Feb 2052
Assumption
Assumption + second
$2,945/mo
+$326/mo- Down payment
- $26,715
- Funds due
- $41,694
- Interest + MI left
- $298,516
- First ends
- Feb 2052
New loan
New conventional
$3,888/mo
+$1,269/mo- Down payment
- $26,715
- Funds due
- $37,199
- Interest + MI left
- $743,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,285 | $456,285 | $488,285 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,209.28 | $2,209.28 | $3,380.79 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $97.66 |
| Taxes, insurance & HOA | $409.25 | $409.25 | $409.25 |
| Total housing payment | $2,618.53 | $2,944.61 | $3,887.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,715
Closing costs & prepaids$14,979
Usable credit−$0
Total buyer cash needed$41,694
Earnest money paid−$0
Remaining funds due$41,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,281.43
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)$508.75
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$81.26
Prepaid interest, second (2 days)$20.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.250%
Interest already paid$74,574Through Nov 2026
Assumption only · ends Feb 2052$213,127
Assumption + second · ends Feb 2052, second Dec 2056$298,516
New conventional · ends Dec 2056$743,056