Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,794/mo
Lowest payment- Down payment
- $70,011
- Funds due
- $84,469
- Interest + MI left
- $198,731
- First ends
- Jan 2052
Assumption
Assumption + second
$3,232/mo
+$438/mo- Down payment
- $27,011
- Funds due
- $42,747
- Interest + MI left
- $313,472
- First ends
- Jan 2052
New loan
New conventional
$4,177/mo
+$1,383/mo- Down payment
- $27,011
- Funds due
- $38,257
- Interest + MI left
- $757,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $454,989 | $454,989 | $497,989 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,164.64 | $2,164.64 | $3,447.98 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | — | — | $99.60 |
| Taxes, insurance & HOA | $629.67 | $629.67 | $629.67 |
| Total housing payment | $2,794.30 | $3,232.47 | $4,177.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,011
Closing costs & prepaids$15,736
Usable credit−$0
Total buyer cash needed$42,747
Earnest money paid−$0
Remaining funds due$42,747
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%)$2,274.95
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)$897.00
Initial HOA (3 months)$492.00
Prepaid interest, first (2 days)$76.54
Prepaid interest, second (2 days)$27.98
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 closing25 yr 2 moOf the original 30-year loan at 3.070%
Interest already paid$71,677Through Nov 2026
Assumption only · ends Jan 2052$198,731
Assumption + second · ends Jan 2052, second Dec 2056$313,472
New conventional · ends Dec 2056$757,823