Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,002/mo
Lowest payment- Down payment
- $106,084
- Funds due
- $118,171
- Interest + MI left
- $159,571
- First ends
- Mar 2052
Assumption
Assumption + second
$2,493/mo
+$491/mo- Down payment
- $45,084
- Funds due
- $58,451
- Interest + MI left
- $275,266
- First ends
- Mar 2052
New loan
New conventional
$3,231/mo
+$1,228/mo- Down payment
- $45,084
- Funds due
- $54,311
- Interest + MI left
- $614,082
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,916 | $343,916 | $404,916 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,656.20 | $1,656.20 | $2,803.56 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $80.98 |
| Taxes, insurance & HOA | $346.17 | $346.17 | $346.17 |
| Total housing payment | $2,002.37 | $2,493.19 | $3,230.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,084
Closing costs & prepaids$13,367
Usable credit−$0
Total buyer cash needed$58,451
Earnest money paid−$0
Remaining funds due$58,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,719.58
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.50
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$60.68
Prepaid interest, second (2 days)$30.08
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 3.220%
Interest already paid$54,663Through Nov 2026
Assumption only · ends Mar 2052$159,571
Assumption + second · ends Mar 2052, second Dec 2056$275,266
New conventional · ends Dec 2056$614,082