Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,596/mo
Lowest payment- Down payment
- $163,498
- Funds due
- $178,292
- Interest + MI left
- $190,917
- First ends
- Feb 2052
Assumption
Assumption + second
$3,351/mo
+$756/mo- Down payment
- $60,498
- Funds due
- $76,587
- Interest + MI left
- $359,997
- First ends
- Feb 2052
New loan
New conventional
$4,364/mo
+$1,769/mo- Down payment
- $60,498
- Funds due
- $71,861
- Interest + MI left
- $816,567
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,502 | $435,502 | $538,502 |
| Second mortgage | — | $103,000 | — |
| First P&I | $2,067.39 | $2,067.39 | $3,728.48 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $107.70 |
| Taxes, insurance & HOA | $528.17 | $528.17 | $528.17 |
| Total housing payment | $2,595.56 | $3,351.33 | $4,364.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,498
Closing costs & prepaids$16,088
Usable credit−$0
Total buyer cash needed$76,587
Earnest money paid−$0
Remaining funds due$76,587
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,177.51
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)$814.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$73.26
Prepaid interest, second (2 days)$45.15
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$67,343Through Nov 2026
Assumption only · ends Feb 2052$190,917
Assumption + second · ends Feb 2052, second Dec 2056$359,997
New conventional · ends Dec 2056$816,567