Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,190/mo
Lowest payment- Down payment
- $146,149
- Funds due
- $156,136
- Interest + MI left
- $56,860
- First ends
- Mar 2052
Assumption
Assumption + second
$2,056/mo
+$866/mo- Down payment
- $28,149
- Funds due
- $39,619
- Interest + MI left
- $250,563
- First ends
- Mar 2052
New loan
New conventional
$2,295/mo
+$1,105/mo- Down payment
- $28,149
- Funds due
- $36,760
- Interest + MI left
- $359,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,851 | $127,851 | $245,851 |
| Second mortgage | — | $118,000 | — |
| First P&I | $609.61 | $609.61 | $1,665.48 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $49.17 |
| Taxes, insurance & HOA | $580.58 | $580.58 | $580.58 |
| Total housing payment | $1,190.19 | $2,056.03 | $2,295.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,149
Closing costs & prepaids$11,470
Usable credit−$0
Total buyer cash needed$39,619
Earnest money paid−$0
Remaining funds due$39,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$639.25
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)$328.75
Initial HOA (3 months)$963.00
Prepaid interest, first (9 days)$98.04
Prepaid interest, second (9 days)$232.77
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 3.11%
Interest already paid$20,020Through Dec 2026
Assumption only · ends Mar 2052$56,860
Assumption + second · ends Mar 2052, second Jan 2057$250,563
New conventional · ends Jan 2057$359,426