Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,398/mo
Lowest payment- Down payment
- $142,101
- Funds due
- $152,797
- Interest + MI left
- $96,164
- First ends
- Feb 2052
Assumption
Assumption + second
$2,175/mo
+$778/mo- Down payment
- $36,101
- Funds due
- $48,256
- Interest + MI left
- $270,169
- First ends
- Feb 2052
New loan
New conventional
$2,616/mo
+$1,219/mo- Down payment
- $36,101
- Funds due
- $44,961
- Interest + MI left
- $473,448
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,799 | $217,799 | $323,799 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,039.61 | $1,039.61 | $2,193.53 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $64.76 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,397.61 | $2,175.40 | $2,616.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,101
Closing costs & prepaids$12,156
Usable credit−$0
Total buyer cash needed$48,256
Earnest money paid−$0
Remaining funds due$48,256
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,089.00
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)$432.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$166.48
Prepaid interest, second (9 days)$209.10
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$34,637Through Dec 2026
Assumption only · ends Feb 2052$96,164
Assumption + second · ends Feb 2052, second Jan 2057$270,169
New conventional · ends Jan 2057$473,448