Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $54,519
- Funds due
- $66,426
- Interest + MI left
- $152,643
- First ends
- Feb 2052
Assumption
Assumption + second
$2,380/mo
+$346/mo- Down payment
- $20,519
- Funds due
- $33,776
- Interest + MI left
- $243,368
- First ends
- Feb 2052
New loan
New conventional
$3,027/mo
+$994/mo- Down payment
- $20,519
- Funds due
- $30,112
- Interest + MI left
- $555,370
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,481 | $344,481 | $378,481 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,646.10 | $1,646.10 | $2,563.96 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $75.70 |
| Taxes, insurance & HOA | $387.58 | $387.58 | $387.58 |
| Total housing payment | $2,033.69 | $2,380.15 | $3,027.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,519
Closing costs & prepaids$13,257
Usable credit−$0
Total buyer cash needed$33,776
Earnest money paid−$0
Remaining funds due$33,776
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%)$1,722.41
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)$234.00
Prepaid interest, first (9 days)$264.17
Prepaid interest, second (9 days)$99.55
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 3.11%
Interest already paid$54,955Through Dec 2026
Assumption only · ends Feb 2052$152,643
Assumption + second · ends Feb 2052, second Jan 2057$243,368
New conventional · ends Jan 2057$555,370