Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $239,283
- Funds due
- $249,944
- Interest + MI left
- $69,762
- First ends
- Feb 2052
Assumption
Assumption + second
$2,548/mo
+$1,460/mo- Down payment
- $40,283
- Funds due
- $52,587
- Interest + MI left
- $396,431
- First ends
- Feb 2052
New loan
New conventional
$2,830/mo
+$1,742/mo- Down payment
- $40,283
- Funds due
- $49,464
- Interest + MI left
- $524,504
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,717 | $159,717 | $358,717 |
| Second mortgage | — | $199,000 | — |
| First P&I | $759.86 | $759.86 | $2,430.07 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | — | — | $71.74 |
| Taxes, insurance & HOA | $327.91 | $327.91 | $327.91 |
| Total housing payment | $1,087.78 | $2,547.97 | $2,829.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,283
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$52,587
Earnest money paid−$0
Remaining funds due$52,587
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$798.59
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)$478.75
Initial HOA (3 months)$54.99
Prepaid interest, first (9 days)$120.90
Prepaid interest, second (9 days)$392.55
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 3.07%
Interest already paid$25,161Through Dec 2026
Assumption only · ends Feb 2052$69,762
Assumption + second · ends Feb 2052, second Jan 2057$396,431
New conventional · ends Jan 2057$524,504