Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $132,037
- Funds due
- $144,444
- Interest + MI left
- $137,298
- First ends
- Feb 2052
Assumption
Assumption + second
$2,656/mo
+$700/mo- Down payment
- $45,037
- Funds due
- $58,887
- Interest + MI left
- $302,306
- First ends
- Feb 2052
New loan
New conventional
$3,248/mo
+$1,291/mo- Down payment
- $45,037
- Funds due
- $55,113
- Interest + MI left
- $581,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,963 | $310,963 | $397,963 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,484.31 | $1,484.31 | $2,695.94 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $79.59 |
| Taxes, insurance & HOA | $472.17 | $472.17 | $472.17 |
| Total housing payment | $1,956.48 | $2,656.50 | $3,247.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,037
Closing costs & prepaids$13,850
Usable credit−$0
Total buyer cash needed$58,887
Earnest money paid−$0
Remaining funds due$58,887
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,430.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,554.82
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)$531.50
Initial HOA (3 months)$435.00
Prepaid interest, first (9 days)$237.70
Prepaid interest, second (9 days)$193.07
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$49,453Through Dec 2026
Assumption only · ends Feb 2052$137,298
Assumption + second · ends Feb 2052, second Jan 2057$302,306
New conventional · ends Jan 2057$581,808