Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $97,585
- Funds due
- $108,204
- Interest + MI left
- $102,107
- First ends
- Mar 2052
Assumption
Assumption + second
$2,027/mo
+$515/mo- Down payment
- $33,585
- Funds due
- $45,596
- Interest + MI left
- $223,492
- First ends
- Mar 2052
New loan
New conventional
$2,468/mo
+$956/mo- Down payment
- $33,585
- Funds due
- $42,268
- Interest + MI left
- $430,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,415 | $230,415 | $294,415 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,097.43 | $1,097.43 | $1,994.47 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $58.88 |
| Taxes, insurance & HOA | $414.17 | $414.17 | $414.17 |
| Total housing payment | $1,511.60 | $2,026.56 | $2,467.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,585
Closing costs & prepaids$12,011
Usable credit−$0
Total buyer cash needed$45,596
Earnest money paid−$0
Remaining funds due$45,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,152.07
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)$393.50
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$176.13
Prepaid interest, second (9 days)$142.03
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$35,968Through Dec 2026
Assumption only · ends Mar 2052$102,107
Assumption + second · ends Mar 2052, second Jan 2057$223,492
New conventional · ends Jan 2057$430,425