Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $218,158
- Funds due
- $230,722
- Interest + MI left
- $113,007
- First ends
- Apr 2052
Assumption
Assumption + second
$2,920/mo
+$1,247/mo- Down payment
- $48,158
- Funds due
- $62,308
- Interest + MI left
- $392,071
- First ends
- Apr 2052
New loan
New conventional
$3,433/mo
+$1,760/mo- Down payment
- $48,158
- Funds due
- $58,725
- Interest + MI left
- $624,114
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,842 | $256,842 | $426,842 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,216.61 | $1,216.61 | $2,891.58 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $85.37 |
| Taxes, insurance & HOA | $456.00 | $456.00 | $456.00 |
| Total housing payment | $1,672.61 | $2,920.01 | $3,432.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,158
Closing costs & prepaids$14,150
Usable credit−$0
Total buyer cash needed$62,308
Earnest money paid−$0
Remaining funds due$62,308
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%)$1,284.21
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)$297.99
Prepaid interest, first (9 days)$194.43
Prepaid interest, second (9 days)$335.34
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 4 moOf the original 30-year loan at 3.07%
Interest already paid$38,973Through Dec 2026
Assumption only · ends Apr 2052$113,007
Assumption + second · ends Apr 2052, second Jan 2057$392,071
New conventional · ends Jan 2057$624,114