Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,200/mo
Lowest payment- Down payment
- $133,954
- Funds due
- $150,184
- Interest + MI left
- $245,032
- First ends
- Feb 2052
Assumption
Assumption + second
$3,739/mo
+$539/mo- Down payment
- $66,954
- Funds due
- $84,451
- Interest + MI left
- $372,107
- First ends
- Feb 2052
New loan
New conventional
$4,895/mo
+$1,695/mo- Down payment
- $66,954
- Funds due
- $79,146
- Interest + MI left
- $905,460
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $530,046 | $530,046 | $597,046 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,558.01 | $2,558.01 | $4,133.83 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $119.41 |
| Taxes, insurance & HOA | $641.75 | $641.75 | $641.75 |
| Total housing payment | $3,199.76 | $3,738.86 | $4,894.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,954
Closing costs & prepaids$17,497
Usable credit−$0
Total buyer cash needed$84,451
Earnest money paid−$0
Remaining funds due$84,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,650.23
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)$1,239.25
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$46.76
Prepaid interest, second (1 days)$16.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.220%
Interest already paid$85,853Through Nov 2026
Assumption only · ends Feb 2052$245,032
Assumption + second · ends Feb 2052, second Dec 2056$372,107
New conventional · ends Dec 2056$905,460