Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $130,486
- Funds due
- $141,578
- Interest + MI left
- $104,639
- First ends
- Jan 2052
Assumption
Assumption + second
$2,283/mo
+$740/mo- Down payment
- $38,486
- Funds due
- $51,033
- Interest + MI left
- $279,130
- First ends
- Jan 2052
New loan
New conventional
$2,745/mo
+$1,202/mo- Down payment
- $38,486
- Funds due
- $47,578
- Interest + MI left
- $497,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,514 | $248,514 | $340,514 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,173.27 | $1,173.27 | $2,306.76 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $68.10 |
| Taxes, insurance & HOA | $369.83 | $369.83 | $369.83 |
| Total housing payment | $1,543.10 | $2,283.35 | $2,744.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,486
Closing costs & prepaids$12,547
Usable credit−$0
Total buyer cash needed$51,033
Earnest money paid−$0
Remaining funds due$51,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,242.57
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)$454.75
Initial HOA (3 months)$204.75
Prepaid interest, first (9 days)$182.61
Prepaid interest, second (9 days)$204.16
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 2.98%
Interest already paid$38,737Through Dec 2026
Assumption only · ends Jan 2052$104,639
Assumption + second · ends Jan 2052, second Jan 2057$279,130
New conventional · ends Jan 2057$497,820