Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $80,077
- Funds due
- $90,526
- Interest + MI left
- $93,530
- First ends
- Jan 2052
Assumption
Assumption + second
$1,925/mo
+$402/mo- Down payment
- $30,077
- Funds due
- $41,887
- Interest + MI left
- $188,362
- First ends
- Jan 2052
New loan
New conventional
$2,346/mo
+$823/mo- Down payment
- $30,077
- Funds due
- $38,664
- Interest + MI left
- $387,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,923 | $214,923 | $264,923 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,024.76 | $1,024.76 | $1,794.68 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $52.98 |
| Taxes, insurance & HOA | $498.00 | $498.00 | $498.00 |
| Total housing payment | $1,522.76 | $1,925.07 | $2,345.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,077
Closing costs & prepaids$11,810
Usable credit−$0
Total buyer cash needed$41,887
Earnest money paid−$0
Remaining funds due$41,887
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,074.61
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)$354.00
Initial HOA (3 months)$690.00
Prepaid interest, first (9 days)$162.69
Prepaid interest, second (9 days)$110.96
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$34,484Through Dec 2026
Assumption only · ends Jan 2052$93,530
Assumption + second · ends Jan 2052, second Jan 2057$188,362
New conventional · ends Jan 2057$387,308