Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,315/mo
Lowest payment- Down payment
- $138,136
- Funds due
- $152,424
- Interest + MI left
- $136,160
- First ends
- Mar 2052
Assumption
Assumption + second
$2,983/mo
+$668/mo- Down payment
- $55,136
- Funds due
- $70,858
- Interest + MI left
- $293,581
- First ends
- Mar 2052
New loan
New conventional
$3,958/mo
+$1,643/mo- Down payment
- $55,136
- Funds due
- $66,656
- Interest + MI left
- $723,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,864 | $411,864 | $494,864 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,808.66 | $1,808.66 | $3,352.38 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $98.97 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,315.33 | $2,983.16 | $3,958.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,136
Closing costs & prepaids$15,723
Usable credit−$0
Total buyer cash needed$70,858
Earnest money paid−$0
Remaining funds due$70,858
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,059.32
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)$660.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$241.19
Prepaid interest, second (9 days)$184.19
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 3 moOf the original 30-year loan at 2.375%
Interest already paid$49,591Through Dec 2026
Assumption only · ends Mar 2052$136,160
Assumption + second · ends Mar 2052, second Jan 2057$293,581
New conventional · ends Jan 2057$723,573