Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,278/mo
Lowest payment- Down payment
- $165,839
- Funds due
- $183,621
- Interest + MI left
- $237,409
- First ends
- Mar 2052
Assumption
Assumption + second
$4,010/mo
+$732/mo- Down payment
- $74,839
- Funds due
- $93,916
- Interest + MI left
- $410,003
- First ends
- Mar 2052
New loan
New conventional
$5,366/mo
+$2,088/mo- Down payment
- $74,839
- Funds due
- $88,364
- Interest + MI left
- $1,016,344
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $579,161 | $579,161 | $670,161 |
| Second mortgage | — | $91,000 | — |
| First P&I | $2,686.08 | $2,686.08 | $4,640.06 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $134.03 |
| Taxes, insurance & HOA | $592.08 | $592.08 | $592.08 |
| Total housing payment | $3,278.17 | $4,010.37 | $5,366.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,839
Closing costs & prepaids$19,076
Usable credit−$0
Total buyer cash needed$93,916
Earnest money paid−$0
Remaining funds due$93,916
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,895.80
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$679.25
Initial HOA (3 months)$447.00
Prepaid interest, first (2 days)$91.40
Prepaid interest, second (2 days)$44.88
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 2.880%
Interest already paid$82,581Through Nov 2026
Assumption only · ends Mar 2052$237,409
Assumption + second · ends Mar 2052, second Dec 2056$410,003
New conventional · ends Dec 2056$1,016,344