Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,769/mo
Lowest payment- Down payment
- $110,752
- Funds due
- $122,160
- Interest + MI left
- $121,971
- First ends
- Jan 2052
Assumption
Assumption + second
$2,340/mo
+$571/mo- Down payment
- $39,752
- Funds due
- $52,428
- Interest + MI left
- $256,632
- First ends
- Jan 2052
New loan
New conventional
$2,935/mo
+$1,167/mo- Down payment
- $39,752
- Funds due
- $48,621
- Interest + MI left
- $531,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,248 | $279,248 | $350,248 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,328.54 | $1,328.54 | $2,425.05 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $70.05 |
| Taxes, insurance & HOA | $440.33 | $440.33 | $440.33 |
| Total housing payment | $1,768.87 | $2,340.16 | $2,935.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,752
Closing costs & prepaids$12,676
Usable credit−$0
Total buyer cash needed$52,428
Earnest money paid−$0
Remaining funds due$52,428
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,396.24
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)$496.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$23.49
Prepaid interest, second (1 days)$17.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.070%
Interest already paid$43,992Through Nov 2026
Assumption only · ends Jan 2052$121,971
Assumption + second · ends Jan 2052, second Dec 2056$256,632
New conventional · ends Dec 2056$531,105