Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,732/mo
Lowest payment- Down payment
- $158,635
- Funds due
- $173,745
- Interest + MI left
- $202,931
- First ends
- Jan 2052
Assumption
Assumption + second
$3,505/mo
+$772/mo- Down payment
- $62,635
- Funds due
- $79,019
- Interest + MI left
- $385,008
- First ends
- Jan 2052
New loan
New conventional
$4,503/mo
+$1,771/mo- Down payment
- $62,635
- Funds due
- $74,094
- Interest + MI left
- $845,018
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,265 | $461,265 | $557,265 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,199.32 | $2,199.32 | $3,858.39 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $111.45 |
| Taxes, insurance & HOA | $532.75 | $532.75 | $532.75 |
| Total housing payment | $2,732.07 | $3,504.51 | $4,502.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,635
Closing costs & prepaids$16,384
Usable credit−$0
Total buyer cash needed$79,019
Earnest money paid−$0
Remaining funds due$79,019
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,306.33
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)$714.25
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$39.05
Prepaid interest, second (1 days)$23.67
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 3.090%
Interest already paid$73,126Through Nov 2026
Assumption only · ends Jan 2052$202,931
Assumption + second · ends Jan 2052, second Dec 2056$385,008
New conventional · ends Dec 2056$845,018