Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,430/mo
Lowest payment- Down payment
- $70,821
- Funds due
- $81,166
- Interest + MI left
- $70,876
- First ends
- Feb 2052
Assumption
Assumption + second
$1,752/mo
+$322/mo- Down payment
- $30,821
- Funds due
- $42,504
- Interest + MI left
- $146,742
- First ends
- Feb 2052
New loan
New conventional
$2,310/mo
+$880/mo- Down payment
- $30,821
- Funds due
- $39,271
- Interest + MI left
- $392,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,179 | $228,179 | $268,179 |
| Second mortgage | — | $40,000 | — |
| First P&I | $990.25 | $990.25 | $1,816.74 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $53.64 |
| Taxes, insurance & HOA | $439.58 | $439.58 | $439.58 |
| Total housing payment | $1,429.83 | $1,751.68 | $2,309.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,821
Closing costs & prepaids$11,683
Usable credit−$0
Total buyer cash needed$42,504
Earnest money paid−$0
Remaining funds due$42,504
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,140.89
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)$358.75
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$126.59
Prepaid interest, second (9 days)$88.77
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 2 moOf the original 30-year loan at 2.25%
Interest already paid$26,553Through Dec 2026
Assumption only · ends Feb 2052$70,876
Assumption + second · ends Feb 2052, second Jan 2057$146,742
New conventional · ends Jan 2057$392,068