Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $60,660
- Funds due
- $71,823
- Interest + MI left
- $129,801
- First ends
- Feb 2052
Assumption
Assumption + second
$2,207/mo
+$428/mo- Down payment
- $18,660
- Funds due
- $31,196
- Interest + MI left
- $241,874
- First ends
- Feb 2052
New loan
New conventional
$2,739/mo
+$960/mo- Down payment
- $18,660
- Funds due
- $27,727
- Interest + MI left
- $500,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,340 | $299,340 | $341,340 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,421.00 | $1,421.00 | $2,312.36 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | — | — | $68.27 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,779.00 | $2,206.98 | $2,738.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,660
Closing costs & prepaids$12,537
Usable credit−$0
Total buyer cash needed$31,196
Earnest money paid−$0
Remaining funds due$31,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,496.70
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)$432.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$225.12
Prepaid interest, second (9 days)$122.98
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 3.05%
Interest already paid$46,858Through Dec 2026
Assumption only · ends Feb 2052$129,801
Assumption + second · ends Feb 2052, second Jan 2057$241,874
New conventional · ends Jan 2057$500,871