Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,669/mo
Lowest payment- Down payment
- $66,629
- Funds due
- $80,620
- Interest + MI left
- $207,183
- First ends
- Feb 2052
Assumption
Assumption + second
$3,076/mo
+$408/mo- Down payment
- $26,629
- Funds due
- $41,883
- Interest + MI left
- $313,920
- First ends
- Feb 2052
New loan
New conventional
$4,041/mo
+$1,373/mo- Down payment
- $26,629
- Funds due
- $37,307
- Interest + MI left
- $766,114
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $463,371 | $463,371 | $503,371 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,213.05 | $2,213.05 | $3,485.24 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $100.67 |
| Taxes, insurance & HOA | $455.58 | $455.58 | $455.58 |
| Total housing payment | $2,668.63 | $3,076.23 | $4,041.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,629
Closing costs & prepaids$15,254
Usable credit−$0
Total buyer cash needed$41,883
Earnest money paid−$0
Remaining funds due$41,883
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,316.86
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)$583.75
Initial HOA (3 months)$282.99
Prepaid interest, first (1 days)$39.67
Prepaid interest, second (1 days)$13.01
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 3.125%
Interest already paid$72,900Through Nov 2026
Assumption only · ends Feb 2052$207,183
Assumption + second · ends Feb 2052, second Dec 2056$313,920
New conventional · ends Dec 2056$766,114