Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,427/mo
Lowest payment- Down payment
- $200,714
- Funds due
- $215,295
- Interest + MI left
- $153,121
- First ends
- Feb 2052
Assumption
Assumption + second
$3,491/mo
+$1,064/mo- Down payment
- $55,714
- Funds due
- $71,608
- Interest + MI left
- $391,147
- First ends
- Feb 2052
New loan
New conventional
$4,290/mo
+$1,863/mo- Down payment
- $55,714
- Funds due
- $67,340
- Interest + MI left
- $749,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,286 | $349,286 | $494,286 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,658.11 | $1,658.11 | $3,422.34 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $98.86 |
| Taxes, insurance & HOA | $769.08 | $769.08 | $769.08 |
| Total housing payment | $2,427.19 | $3,491.15 | $4,290.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,714
Closing costs & prepaids$15,894
Usable credit−$0
Total buyer cash needed$71,608
Earnest money paid−$0
Remaining funds due$71,608
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,746.43
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)$1,464.25
Initial HOA (3 months)$342.99
Prepaid interest, first (2 days)$58.76
Prepaid interest, second (2 days)$63.56
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$54,011Through Nov 2026
Assumption only · ends Feb 2052$153,121
Assumption + second · ends Feb 2052, second Dec 2056$391,147
New conventional · ends Dec 2056$749,519