Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $160,126
- Funds due
- $176,004
- Interest + MI left
- $153,925
- First ends
- Jan 2052
Assumption
Assumption + second
$3,802/mo
+$800/mo- Down payment
- $51,126
- Funds due
- $68,302
- Interest + MI left
- $332,854
- First ends
- Jan 2052
New loan
New conventional
$4,603/mo
+$1,601/mo- Down payment
- $51,126
- Funds due
- $64,077
- Interest + MI left
- $695,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,874 | $349,874 | $458,874 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,668.21 | $1,668.21 | $3,177.15 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $91.77 |
| Taxes, insurance & HOA | $1,333.67 | $1,333.67 | $1,333.67 |
| Total housing payment | $3,001.87 | $3,801.68 | $4,602.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,126
Closing costs & prepaids$17,175
Usable credit−$0
Total buyer cash needed$68,302
Earnest money paid−$0
Remaining funds due$68,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,749.37
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)$1,275.00
Initial HOA (3 months)$2,226.00
Prepaid interest, first (2 days)$59.24
Prepaid interest, second (2 days)$47.78
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 2 moOf the original 30-year loan at 3.090%
Interest already paid$55,467Through Nov 2026
Assumption only · ends Jan 2052$153,925
Assumption + second · ends Jan 2052, second Dec 2056$332,854
New conventional · ends Dec 2056$695,913