Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,763/mo
Lowest payment- Down payment
- $47,923
- Funds due
- $58,848
- Interest + MI left
- $119,259
- First ends
- Jan 2052
Assumption
Assumption + second
$2,079/mo
+$316/mo- Down payment
- $16,923
- Funds due
- $29,188
- Interest + MI left
- $201,980
- First ends
- Jan 2052
New loan
New conventional
$2,577/mo
+$814/mo- Down payment
- $16,923
- Funds due
- $25,854
- Interest + MI left
- $444,725
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,077 | $272,077 | $303,077 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,300.12 | $1,300.12 | $2,053.15 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $60.62 |
| Taxes, insurance & HOA | $463.00 | $463.00 | $463.00 |
| Total housing payment | $1,763.12 | $2,079.01 | $2,576.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,923
Closing costs & prepaids$12,265
Usable credit−$0
Total buyer cash needed$29,188
Earnest money paid−$0
Remaining funds due$29,188
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,360.39
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)$384.00
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$207.30
Prepaid interest, second (9 days)$90.77
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 1 moOf the original 30-year loan at 3.09%
Interest already paid$43,930Through Dec 2026
Assumption only · ends Jan 2052$119,259
Assumption + second · ends Jan 2052, second Jan 2057$201,980
New conventional · ends Jan 2057$444,725