Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,376/mo
Lowest payment- Down payment
- $120,671
- Funds due
- $138,712
- Interest + MI left
- $329,029
- First ends
- Jan 2056
Assumption
Assumption + second
$3,762/mo
+$386/mo- Down payment
- $72,671
- Funds due
- $91,986
- Interest + MI left
- $420,068
- First ends
- Jan 2056
New loan
New conventional
$5,335/mo
+$1,959/mo- Down payment
- $72,671
- Funds due
- $86,352
- Interest + MI left
- $981,718
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,329 | $599,329 | $647,329 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,652.45 | $2,652.45 | $4,481.98 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $129.47 |
| Taxes, insurance & HOA | $723.25 | $723.25 | $723.25 |
| Total housing payment | $3,375.70 | $3,761.92 | $5,334.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,671
Closing costs & prepaids$19,315
Usable credit−$0
Total buyer cash needed$91,986
Earnest money paid−$0
Remaining funds due$91,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,996.64
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)$1,459.75
Initial HOA (3 months)$60.00
Prepaid interest, first (2 days)$106.73
Prepaid interest, second (2 days)$23.67
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 closing29 yr 2 moOf the original 30-year loan at 3.250%
Interest already paid$16,383Through Nov 2026
Assumption only · ends Jan 2056$329,029
Assumption + second · ends Jan 2056, second Dec 2056$420,068
New conventional · ends Dec 2056$981,718