Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $102,324
- Funds due
- $113,637
- Interest + MI left
- $124,809
- First ends
- Feb 2052
Assumption
Assumption + second
$2,211/mo
+$507/mo- Down payment
- $39,324
- Funds due
- $52,026
- Interest + MI left
- $244,297
- First ends
- Feb 2052
New loan
New conventional
$2,766/mo
+$1,062/mo- Down payment
- $39,324
- Funds due
- $48,433
- Interest + MI left
- $505,366
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,676 | $282,676 | $345,676 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,349.29 | $1,349.29 | $2,341.73 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $69.14 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $1,704.29 | $2,211.20 | $2,765.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,324
Closing costs & prepaids$12,702
Usable credit−$0
Total buyer cash needed$52,026
Earnest money paid−$0
Remaining funds due$52,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,413.38
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)$462.00
Initial HOA (3 months)$153.00
Prepaid interest, first (9 days)$216.07
Prepaid interest, second (9 days)$139.81
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 3.1%
Interest already paid$44,955Through Dec 2026
Assumption only · ends Feb 2052$124,809
Assumption + second · ends Feb 2052, second Jan 2057$244,297
New conventional · ends Jan 2057$505,366