Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,043/mo
Lowest payment- Down payment
- $111,700
- Funds due
- $120,948
- Interest + MI left
- $72,360
- First ends
- Feb 2052
Assumption
Assumption + second
$1,719/mo
+$676/mo- Down payment
- $27,700
- Funds due
- $38,385
- Interest + MI left
- $231,678
- First ends
- Feb 2052
New loan
New conventional
$1,988/mo
+$944/mo- Down payment
- $27,700
- Funds due
- $35,375
- Interest + MI left
- $361,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,300 | $163,300 | $247,300 |
| Second mortgage | — | $84,000 | — |
| First P&I | $780.33 | $780.33 | $1,675.30 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $49.46 |
| Taxes, insurance & HOA | $262.92 | $262.92 | $262.92 |
| Total housing payment | $1,043.25 | $1,719.13 | $1,987.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,700
Closing costs & prepaids$10,685
Usable credit−$0
Total buyer cash needed$38,385
Earnest money paid−$0
Remaining funds due$38,385
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$816.50
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)$330.00
Initial HOA (3 months)$8.76
Prepaid interest, first (9 days)$125.23
Prepaid interest, second (9 days)$186.41
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 3.11%
Interest already paid$26,051Through Dec 2026
Assumption only · ends Feb 2052$72,360
Assumption + second · ends Feb 2052, second Jan 2057$231,678
New conventional · ends Jan 2057$361,594