Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $290,283
- Funds due
- $301,515
- Interest + MI left
- $69,762
- First ends
- Feb 2052
Assumption
Assumption + second
$2,863/mo
+$1,755/mo- Down payment
- $45,283
- Funds due
- $58,234
- Interest + MI left
- $456,637
- First ends
- Feb 2052
New loan
New conventional
$3,171/mo
+$2,063/mo- Down payment
- $45,283
- Funds due
- $55,067
- Interest + MI left
- $591,763
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,717 | $159,717 | $404,717 |
| Second mortgage | — | $245,000 | — |
| First P&I | $759.86 | $759.86 | $2,741.69 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $80.94 |
| Taxes, insurance & HOA | $348.33 | $348.33 | $348.33 |
| Total housing payment | $1,108.19 | $2,863.40 | $3,170.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,283
Closing costs & prepaids$12,951
Usable credit−$0
Total buyer cash needed$58,234
Earnest money paid−$0
Remaining funds due$58,234
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$798.59
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)$540.00
Initial HOA (3 months)$54.99
Prepaid interest, first (9 days)$120.90
Prepaid interest, second (9 days)$468.18
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$25,161Through Dec 2026
Assumption only · ends Feb 2052$69,762
Assumption + second · ends Feb 2052, second Jan 2057$456,637
New conventional · ends Jan 2057$591,763