Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,760/mo
Lowest payment- Down payment
- $111,366
- Funds due
- $122,931
- Interest + MI left
- $121,256
- First ends
- Jan 2052
Assumption
Assumption + second
$2,339/mo
+$579/mo- Down payment
- $39,366
- Funds due
- $52,341
- Interest + MI left
- $257,814
- First ends
- Jan 2052
New loan
New conventional
$2,876/mo
+$1,117/mo- Down payment
- $39,366
- Funds due
- $48,761
- Interest + MI left
- $512,685
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,634 | $278,634 | $350,634 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,328.54 | $1,328.54 | $2,375.32 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $70.13 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $1,759.54 | $2,338.87 | $2,876.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,366
Closing costs & prepaids$12,975
Usable credit−$0
Total buyer cash needed$52,341
Earnest money paid−$0
Remaining funds due$52,341
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,393.17
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)$468.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$210.92
Prepaid interest, second (9 days)$159.78
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$44,706Through Dec 2026
Assumption only · ends Jan 2052$121,256
Assumption + second · ends Jan 2052, second Jan 2057$257,814
New conventional · ends Jan 2057$512,685