Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $79,787
- Funds due
- $90,204
- Interest + MI left
- $90,967
- First ends
- Feb 2052
Assumption
Assumption + second
$1,854/mo
+$386/mo- Down payment
- $31,787
- Funds due
- $43,561
- Interest + MI left
- $182,006
- First ends
- Feb 2052
New loan
New conventional
$2,363/mo
+$895/mo- Down payment
- $31,787
- Funds due
- $40,260
- Interest + MI left
- $414,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,213 | $235,213 | $283,213 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,080.07 | $1,080.07 | $1,918.58 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $56.64 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,468.07 | $1,854.29 | $2,363.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,787
Closing costs & prepaids$11,774
Usable credit−$0
Total buyer cash needed$43,561
Earnest money paid−$0
Remaining funds due$43,561
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,176.07
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)$378.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$159.49
Prepaid interest, second (9 days)$106.52
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$33,291Through Dec 2026
Assumption only · ends Feb 2052$90,967
Assumption + second · ends Feb 2052, second Jan 2057$182,006
New conventional · ends Jan 2057$414,104