Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,747/mo
Lowest payment- Down payment
- $118,619
- Funds due
- $130,197
- Interest + MI left
- $125,557
- First ends
- Jan 2052
Assumption
Assumption + second
$2,375/mo
+$628/mo- Down payment
- $40,619
- Funds due
- $53,620
- Interest + MI left
- $273,496
- First ends
- Jan 2052
New loan
New conventional
$2,901/mo
+$1,154/mo- Down payment
- $40,619
- Funds due
- $50,009
- Interest + MI left
- $525,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,381 | $281,381 | $359,381 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,351.95 | $1,351.95 | $2,434.57 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,746.95 | $2,374.56 | $2,901.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,619
Closing costs & prepaids$13,001
Usable credit−$0
Total buyer cash needed$53,620
Earnest money paid−$0
Remaining funds due$53,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,406.90
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)$480.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$217.86
Prepaid interest, second (9 days)$173.10
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 3.14%
Interest already paid$46,146Through Dec 2026
Assumption only · ends Jan 2052$125,557
Assumption + second · ends Jan 2052, second Jan 2057$273,496
New conventional · ends Jan 2057$525,403