Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,808/mo
Lowest payment- Down payment
- $50,995
- Funds due
- $62,149
- Interest + MI left
- $132,784
- First ends
- Feb 2052
Assumption
Assumption + second
$2,145/mo
+$336/mo- Down payment
- $17,995
- Funds due
- $30,496
- Interest + MI left
- $220,841
- First ends
- Feb 2052
New loan
New conventional
$2,712/mo
+$904/mo- Down payment
- $17,995
- Funds due
- $27,023
- Interest + MI left
- $494,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,005 | $304,005 | $337,005 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,446.32 | $1,446.32 | $2,282.99 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $67.40 |
| Taxes, insurance & HOA | $362.00 | $362.00 | $362.00 |
| Total housing payment | $1,808.32 | $2,144.59 | $2,712.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,995
Closing costs & prepaids$12,501
Usable credit−$0
Total buyer cash needed$30,496
Earnest money paid−$0
Remaining funds due$30,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,520.03
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)$426.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$230.13
Prepaid interest, second (9 days)$96.63
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 3.07%
Interest already paid$47,892Through Dec 2026
Assumption only · ends Feb 2052$132,784
Assumption + second · ends Feb 2052, second Jan 2057$220,841
New conventional · ends Jan 2057$494,577