Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $70,991
- Funds due
- $82,593
- Interest + MI left
- $145,356
- First ends
- Mar 2052
Assumption
Assumption + second
$2,129/mo
+$249/mo- Down payment
- $39,991
- Funds due
- $52,911
- Interest + MI left
- $204,152
- First ends
- Mar 2052
New loan
New conventional
$2,821/mo
+$942/mo- Down payment
- $39,991
- Funds due
- $49,144
- Interest + MI left
- $524,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,009 | $328,009 | $359,009 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,562.26 | $1,562.26 | $2,432.05 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $71.80 |
| Taxes, insurance & HOA | $317.58 | $317.58 | $317.58 |
| Total housing payment | $1,879.84 | $2,129.28 | $2,821.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,991
Closing costs & prepaids$12,920
Usable credit−$0
Total buyer cash needed$52,911
Earnest money paid−$0
Remaining funds due$52,911
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.05
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)$478.75
Initial HOA (3 months)$24.00
Prepaid interest, first (9 days)$250.72
Prepaid interest, second (9 days)$68.79
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$51,203Through Dec 2026
Assumption only · ends Mar 2052$145,356
Assumption + second · ends Mar 2052, second Jan 2057$204,152
New conventional · ends Jan 2057$524,931