Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,898/mo
Lowest payment- Down payment
- $189,900
- Funds due
- $202,897
- Interest + MI left
- $133,898
- First ends
- Mar 2052
Assumption
Assumption + second
$2,926/mo
+$1,027/mo- Down payment
- $49,900
- Funds due
- $64,423
- Interest + MI left
- $363,715
- First ends
- Mar 2052
New loan
New conventional
$3,535/mo
+$1,637/mo- Down payment
- $49,900
- Funds due
- $60,653
- Interest + MI left
- $643,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,000 | $300,000 | $440,000 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,432.01 | $1,432.01 | $2,980.71 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $88.00 |
| Taxes, insurance & HOA | $466.34 | $466.34 | $466.34 |
| Total housing payment | $1,898.34 | $2,925.61 | $3,535.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,900
Closing costs & prepaids$14,523
Usable credit−$0
Total buyer cash needed$64,423
Earnest money paid−$0
Remaining funds due$64,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,500.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$588.00
Initial HOA (3 months)$311.01
Prepaid interest, first (9 days)$230.79
Prepaid interest, second (9 days)$276.16
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 3.12%
Interest already paid$47,124Through Dec 2026
Assumption only · ends Mar 2052$133,898
Assumption + second · ends Mar 2052, second Jan 2057$363,715
New conventional · ends Jan 2057$643,265