Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,238/mo
Lowest payment- Down payment
- $109,266
- Funds due
- $119,115
- Interest + MI left
- $89,572
- First ends
- Jan 2052
Assumption
Assumption + second
$1,866/mo
+$628/mo- Down payment
- $31,266
- Funds due
- $42,538
- Interest + MI left
- $237,510
- First ends
- Jan 2052
New loan
New conventional
$2,218/mo
+$980/mo- Down payment
- $31,266
- Funds due
- $39,344
- Interest + MI left
- $407,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,734 | $200,734 | $278,734 |
| Second mortgage | — | $78,000 | — |
| First P&I | $964.47 | $964.47 | $1,888.24 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $55.75 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,238.47 | $1,866.08 | $2,217.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,266
Closing costs & prepaids$11,272
Usable credit−$0
Total buyer cash needed$42,538
Earnest money paid−$0
Remaining funds due$42,538
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,003.67
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)$372.00
Prepaid interest, first (9 days)$155.42
Prepaid interest, second (9 days)$173.10
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 3.14%
Interest already paid$32,920Through Dec 2026
Assumption only · ends Jan 2052$89,572
Assumption + second · ends Jan 2052, second Jan 2057$237,510
New conventional · ends Jan 2057$407,555