Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,653/mo
Lowest payment- Down payment
- $137,711
- Funds due
- $152,631
- Interest + MI left
- $201,411
- First ends
- Mar 2052
Assumption
Assumption + second
$3,248/mo
+$595/mo- Down payment
- $63,711
- Funds due
- $79,918
- Interest + MI left
- $341,763
- First ends
- Mar 2052
New loan
New conventional
$4,405/mo
+$1,752/mo- Down payment
- $63,711
- Funds due
- $74,891
- Interest + MI left
- $858,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $492,289 | $492,289 | $566,289 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,281.91 | $2,281.91 | $3,920.87 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $113.26 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $2,652.91 | $3,248.33 | $4,405.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,711
Closing costs & prepaids$16,206
Usable credit−$0
Total buyer cash needed$79,918
Earnest money paid−$0
Remaining funds due$79,918
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,461.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Initial HOA (3 months)$612.99
Prepaid interest, first (2 days)$77.55
Prepaid interest, second (2 days)$36.49
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 2.875%
Interest already paid$70,076Through Nov 2026
Assumption only · ends Mar 2052$201,411
Assumption + second · ends Mar 2052, second Dec 2056$341,763
New conventional · ends Dec 2056$858,702