Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,446/mo
Lowest payment- Down payment
- $106,615
- Funds due
- $124,628
- Interest + MI left
- $339,609
- First ends
- Jan 2055
Assumption
Assumption + second
$3,696/mo
+$249/mo- Down payment
- $75,615
- Funds due
- $94,894
- Interest + MI left
- $398,405
- First ends
- Jan 2055
New loan
New conventional
$5,342/mo
+$1,896/mo- Down payment
- $75,615
- Funds due
- $89,021
- Interest + MI left
- $1,022,750
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $643,385 | $643,385 | $674,385 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,908.27 | $2,908.27 | $4,669.31 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $134.88 |
| Taxes, insurance & HOA | $537.91 | $537.91 | $537.91 |
| Total housing payment | $3,446.18 | $3,695.61 | $5,342.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,615
Closing costs & prepaids$19,279
Usable credit−$0
Total buyer cash needed$94,894
Earnest money paid−$0
Remaining funds due$94,894
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,216.92
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$938.75
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$114.58
Prepaid interest, second (2 days)$15.29
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 closing28 yr 2 moOf the original 30-year loan at 3.250%
Interest already paid$39,117Through Nov 2026
Assumption only · ends Jan 2055$339,609
Assumption + second · ends Jan 2055, second Dec 2056$398,405
New conventional · ends Dec 2056$1,022,750