Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
Lowest payment- Down payment
- $171,182
- Funds due
- $183,588
- Interest + MI left
- $105,673
- First ends
- Jan 2052
Assumption
Assumption + second
$2,822/mo
+$954/mo- Down payment
- $41,182
- Funds due
- $55,094
- Interest + MI left
- $319,075
- First ends
- Jan 2052
New loan
New conventional
$3,288/mo
+$1,420/mo- Down payment
- $41,182
- Funds due
- $51,665
- Interest + MI left
- $536,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,818 | $236,818 | $366,818 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,137.84 | $1,137.84 | $2,484.95 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $73.36 |
| Taxes, insurance & HOA | $730.17 | $730.17 | $730.17 |
| Total housing payment | $1,868.01 | $2,821.90 | $3,288.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,182
Closing costs & prepaids$13,912
Usable credit−$0
Total buyer cash needed$55,094
Earnest money paid−$0
Remaining funds due$55,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,184.09
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)$489.50
Initial HOA (3 months)$1,251.00
Prepaid interest, first (9 days)$183.36
Prepaid interest, second (9 days)$256.44
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$38,838Through Dec 2026
Assumption only · ends Jan 2052$105,673
Assumption + second · ends Jan 2052, second Jan 2057$319,075
New conventional · ends Jan 2057$536,349