Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
Lowest payment- Down payment
- $184,482
- Funds due
- $195,614
- Interest + MI left
- $93,282
- First ends
- Feb 2052
Assumption
Assumption + second
$2,463/mo
+$1,057/mo- Down payment
- $40,482
- Funds due
- $53,148
- Interest + MI left
- $329,666
- First ends
- Feb 2052
New loan
New conventional
$2,873/mo
+$1,467/mo- Down payment
- $40,482
- Funds due
- $49,830
- Interest + MI left
- $518,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,518 | $210,518 | $354,518 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,005.96 | $1,005.96 | $2,401.63 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $70.90 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $1,405.96 | $2,462.58 | $2,872.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,482
Closing costs & prepaids$12,666
Usable credit−$0
Total buyer cash needed$53,148
Earnest money paid−$0
Remaining funds due$53,148
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,052.59
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)$474.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$161.44
Prepaid interest, second (9 days)$284.05
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$33,584Through Dec 2026
Assumption only · ends Feb 2052$93,282
Assumption + second · ends Feb 2052, second Jan 2057$329,666
New conventional · ends Jan 2057$518,293