Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,872/mo
Lowest payment- Down payment
- $135,525
- Funds due
- $151,340
- Interest + MI left
- $126,224
- First ends
- Mar 2052
Assumption
Assumption + second
$3,524/mo
+$652/mo- Down payment
- $54,525
- Funds due
- $71,630
- Interest + MI left
- $279,852
- First ends
- Mar 2052
New loan
New conventional
$4,581/mo
+$1,709/mo- Down payment
- $54,525
- Funds due
- $67,131
- Interest + MI left
- $734,642
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,475 | $403,475 | $484,475 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,742.43 | $1,742.43 | $3,354.41 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $96.90 |
| Taxes, insurance & HOA | $1,129.83 | $1,129.83 | $1,129.83 |
| Total housing payment | $2,872.26 | $3,524.01 | $4,581.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,525
Closing costs & prepaids$17,105
Usable credit−$0
Total buyer cash needed$71,630
Earnest money paid−$0
Remaining funds due$71,630
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,017.38
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)$1,347.50
Initial HOA (3 months)$1,542.00
Prepaid interest, first (2 days)$49.74
Prepaid interest, second (2 days)$39.95
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 4 moOf the original 30-year loan at 2.250%
Interest already paid$45,211Through Nov 2026
Assumption only · ends Mar 2052$126,224
Assumption + second · ends Mar 2052, second Dec 2056$279,852
New conventional · ends Dec 2056$734,642