Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,775/mo
Lowest payment- Down payment
- $132,744
- Funds due
- $151,543
- Interest + MI left
- $293,555
- First ends
- Jan 2052
Assumption
Assumption + second
$4,194/mo
+$418/mo- Down payment
- $80,744
- Funds due
- $100,819
- Interest + MI left
- $392,180
- First ends
- Jan 2052
New loan
New conventional
$5,718/mo
+$1,942/mo- Down payment
- $80,744
- Funds due
- $94,785
- Interest + MI left
- $1,090,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $667,256 | $667,256 | $719,256 |
| Second mortgage | — | $52,000 | — |
| First P&I | $3,181.49 | $3,181.49 | $4,979.98 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $143.85 |
| Taxes, insurance & HOA | $593.83 | $593.83 | $593.83 |
| Total housing payment | $3,775.32 | $4,193.73 | $5,717.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,744
Closing costs & prepaids$20,074
Usable credit−$0
Total buyer cash needed$100,819
Earnest money paid−$0
Remaining funds due$100,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,336.28
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)$1,069.00
Initial HOA (3 months)$62.49
Prepaid interest, first (2 days)$112.98
Prepaid interest, second (2 days)$25.64
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 3.090%
Interest already paid$105,782Through Nov 2026
Assumption only · ends Jan 2052$293,555
Assumption + second · ends Jan 2052, second Dec 2056$392,180
New conventional · ends Dec 2056$1,090,800