Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,280/mo
Lowest payment- Down payment
- $131,867
- Funds due
- $145,288
- Interest + MI left
- $152,616
- First ends
- Feb 2052
Assumption
Assumption + second
$2,948/mo
+$668/mo- Down payment
- $48,867
- Funds due
- $63,558
- Interest + MI left
- $310,037
- First ends
- Feb 2052
New loan
New conventional
$3,699/mo
+$1,419/mo- Down payment
- $48,867
- Funds due
- $59,323
- Interest + MI left
- $653,756
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,133 | $348,133 | $431,133 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,652.64 | $1,652.64 | $2,985.08 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $86.23 |
| Taxes, insurance & HOA | $627.42 | $627.42 | $627.42 |
| Total housing payment | $2,280.05 | $2,947.89 | $3,698.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,867
Closing costs & prepaids$14,691
Usable credit−$0
Total buyer cash needed$63,558
Earnest money paid−$0
Remaining funds due$63,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,740.66
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)$872.25
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$29.28
Prepaid interest, second (1 days)$20.47
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 3.070%
Interest already paid$53,833Through Nov 2026
Assumption only · ends Feb 2052$152,616
Assumption + second · ends Feb 2052, second Dec 2056$310,037
New conventional · ends Dec 2056$653,756