Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
Lowest payment- Down payment
- $208,991
- Funds due
- $223,333
- Interest + MI left
- $175,157
- First ends
- Mar 2052
Assumption
Assumption + second
$3,399/mo
+$1,086/mo- Down payment
- $60,991
- Funds due
- $76,648
- Interest + MI left
- $418,106
- First ends
- Mar 2052
New loan
New conventional
$4,290/mo
+$1,977/mo- Down payment
- $60,991
- Funds due
- $72,126
- Interest + MI left
- $817,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,009 | $391,009 | $539,009 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,862.39 | $1,862.39 | $3,731.99 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $107.80 |
| Taxes, insurance & HOA | $450.58 | $450.58 | $450.58 |
| Total housing payment | $2,312.97 | $3,398.94 | $4,290.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,991
Closing costs & prepaids$15,657
Usable credit−$0
Total buyer cash needed$76,648
Earnest money paid−$0
Remaining funds due$76,648
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,955.04
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)$569.75
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$66.85
Prepaid interest, second (2 days)$64.88
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 4 moOf the original 30-year loan at 3.120%
Interest already paid$60,271Through Nov 2026
Assumption only · ends Mar 2052$175,157
Assumption + second · ends Mar 2052, second Dec 2056$418,106
New conventional · ends Dec 2056$817,336