Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $57,473
- Funds due
- $68,926
- Interest + MI left
- $126,733
- First ends
- Jan 2052
Assumption
Assumption + second
$2,230/mo
+$387/mo- Down payment
- $19,473
- Funds due
- $32,287
- Interest + MI left
- $228,132
- First ends
- Jan 2052
New loan
New conventional
$2,864/mo
+$1,022/mo- Down payment
- $19,473
- Funds due
- $28,741
- Interest + MI left
- $528,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,427 | $322,427 | $360,427 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,492.22 | $1,492.22 | $2,441.66 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $72.09 |
| Taxes, insurance & HOA | $350.33 | $350.33 | $350.33 |
| Total housing payment | $1,842.55 | $2,229.78 | $2,864.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,473
Closing costs & prepaids$12,814
Usable credit−$0
Total buyer cash needed$32,287
Earnest money paid−$0
Remaining funds due$32,287
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,612.14
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)$456.00
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$222.61
Prepaid interest, second (9 days)$111.27
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 2.8%
Interest already paid$47,303Through Dec 2026
Assumption only · ends Jan 2052$126,733
Assumption + second · ends Jan 2052, second Jan 2057$228,132
New conventional · ends Jan 2057$528,878