Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $145,634
- Funds due
- $157,910
- Interest + MI left
- $110,478
- First ends
- Jan 2052
Assumption
Assumption + second
$2,665/mo
+$770/mo- Down payment
- $40,634
- Funds due
- $54,367
- Interest + MI left
- $282,841
- First ends
- Jan 2052
New loan
New conventional
$3,187/mo
+$1,292/mo- Down payment
- $40,634
- Funds due
- $50,885
- Interest + MI left
- $524,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,866 | $253,866 | $358,866 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,210.44 | $1,210.44 | $2,431.08 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $71.77 |
| Taxes, insurance & HOA | $683.83 | $683.83 | $683.83 |
| Total housing payment | $1,894.28 | $2,664.73 | $3,186.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,634
Closing costs & prepaids$13,733
Usable credit−$0
Total buyer cash needed$54,367
Earnest money paid−$0
Remaining funds due$54,367
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,269.33
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$479.50
Initial HOA (3 months)$1,122.00
Prepaid interest, first (9 days)$192.17
Prepaid interest, second (9 days)$207.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 3.07%
Interest already paid$40,732Through Dec 2026
Assumption only · ends Jan 2052$110,478
Assumption + second · ends Jan 2052, second Jan 2057$282,841
New conventional · ends Jan 2057$524,650