Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,519/mo
Lowest payment- Down payment
- $128,326
- Funds due
- $139,280
- Interest + MI left
- $107,088
- First ends
- Feb 2052
Assumption
Assumption + second
$2,251/mo
+$732/mo- Down payment
- $37,326
- Funds due
- $49,732
- Interest + MI left
- $279,682
- First ends
- Feb 2052
New loan
New conventional
$2,684/mo
+$1,165/mo- Down payment
- $37,326
- Funds due
- $46,309
- Interest + MI left
- $486,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,674 | $241,674 | $332,674 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,154.84 | $1,154.84 | $2,253.65 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $66.53 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $1,518.84 | $2,251.05 | $2,684.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,326
Closing costs & prepaids$12,406
Usable credit−$0
Total buyer cash needed$49,732
Earnest money paid−$0
Remaining funds due$49,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,208.37
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)$444.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$185.33
Prepaid interest, second (9 days)$201.95
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 3.11%
Interest already paid$38,554Through Dec 2026
Assumption only · ends Feb 2052$107,088
Assumption + second · ends Feb 2052, second Jan 2057$279,682
New conventional · ends Jan 2057$486,424