Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
Lowest payment- Down payment
- $50,601
- Funds due
- $64,058
- Interest + MI left
- $184,690
- First ends
- Jan 2052
Assumption
Assumption + second
$2,720/mo
+$265/mo- Down payment
- $24,601
- Funds due
- $39,384
- Interest + MI left
- $254,069
- First ends
- Jan 2052
New loan
New conventional
$3,573/mo
+$1,118/mo- Down payment
- $24,601
- Funds due
- $35,373
- Interest + MI left
- $660,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $424,399 | $424,399 | $450,399 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,023.55 | $2,023.55 | $3,051.16 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $90.08 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $2,455.55 | $2,720.49 | $3,573.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,601
Closing costs & prepaids$14,783
Usable credit−$0
Total buyer cash needed$39,384
Earnest money paid−$0
Remaining funds due$39,384
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,122.00
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)$570.00
Initial HOA (3 months)$225.99
Prepaid interest, first (9 days)$321.26
Prepaid interest, second (9 days)$76.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 3.07%
Interest already paid$68,094Through Dec 2026
Assumption only · ends Jan 2052$184,690
Assumption + second · ends Jan 2052, second Jan 2057$254,069
New conventional · ends Jan 2057$660,900