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
- $73,194
- Funds due
- $87,670
- Interest + MI left
- $208,096
- First ends
- Feb 2052
Assumption
Assumption + second
$3,201/mo
+$469/mo- Down payment
- $27,194
- Funds due
- $43,055
- Interest + MI left
- $330,843
- First ends
- Feb 2052
New loan
New conventional
$4,019/mo
+$1,287/mo- Down payment
- $27,194
- Funds due
- $38,868
- Interest + MI left
- $730,463
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,806 | $451,806 | $497,806 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,185.11 | $2,185.11 | $3,372.31 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | — | — | $99.56 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $2,731.77 | $3,200.51 | $4,018.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,194
Closing costs & prepaids$15,860
Usable credit−$0
Total buyer cash needed$43,055
Earnest money paid−$0
Remaining funds due$43,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,259.03
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)$630.00
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$358.72
Prepaid interest, second (9 days)$134.69
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 2 moOf the original 30-year loan at 3.22%
Interest already paid$74,552Through Dec 2026
Assumption only · ends Feb 2052$208,096
Assumption + second · ends Feb 2052, second Jan 2057$330,843
New conventional · ends Jan 2057$730,463