Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,577/mo
Lowest payment- Down payment
- $43,353
- Funds due
- $53,794
- Interest + MI left
- $103,124
- First ends
- Feb 2052
Assumption
Assumption + second
$1,853/mo
+$275/mo- Down payment
- $16,353
- Funds due
- $28,123
- Interest + MI left
- $175,170
- First ends
- Feb 2052
New loan
New conventional
$2,401/mo
+$824/mo- Down payment
- $16,353
- Funds due
- $24,843
- Interest + MI left
- $430,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,647 | $266,647 | $293,647 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,224.41 | $1,224.41 | $1,989.27 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $58.73 |
| Taxes, insurance & HOA | $353.00 | $353.00 | $353.00 |
| Total housing payment | $1,577.41 | $1,852.54 | $2,401.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,353
Closing costs & prepaids$11,770
Usable credit−$0
Total buyer cash needed$28,123
Earnest money paid−$0
Remaining funds due$28,123
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%)$1,333.23
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
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$180.81
Prepaid interest, second (9 days)$79.06
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 2.75%
Interest already paid$37,740Through Dec 2026
Assumption only · ends Feb 2052$103,124
Assumption + second · ends Feb 2052, second Jan 2057$175,170
New conventional · ends Jan 2057$430,887