Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,054/mo
Lowest payment- Down payment
- $153,662
- Funds due
- $166,832
- Interest + MI left
- $147,466
- First ends
- Jan 2052
Assumption
Assumption + second
$2,817/mo
+$763/mo- Down payment
- $49,662
- Funds due
- $64,287
- Interest + MI left
- $318,188
- First ends
- Jan 2052
New loan
New conventional
$3,536/mo
+$1,482/mo- Down payment
- $49,662
- Funds due
- $60,368
- Interest + MI left
- $651,143
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,328 | $341,328 | $445,328 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,623.90 | $1,623.90 | $3,016.81 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $89.07 |
| Taxes, insurance & HOA | $429.67 | $429.67 | $429.67 |
| Total housing payment | $2,053.57 | $2,816.68 | $3,535.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,662
Closing costs & prepaids$14,625
Usable credit−$0
Total buyer cash needed$64,287
Earnest money paid−$0
Remaining funds due$64,287
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,949.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,706.64
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)$594.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$256.70
Prepaid interest, second (9 days)$205.15
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 1 moOf the original 30-year loan at 3.05%
Interest already paid$54,419Through Dec 2026
Assumption only · ends Jan 2052$147,466
Assumption + second · ends Jan 2052, second Jan 2057$318,188
New conventional · ends Jan 2057$651,143