Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,382/mo
Lowest payment- Down payment
- $155,299
- Funds due
- $165,916
- Interest + MI left
- $79,925
- First ends
- Mar 2052
Assumption
Assumption + second
$2,270/mo
+$888/mo- Down payment
- $34,299
- Funds due
- $46,192
- Interest + MI left
- $278,553
- First ends
- Mar 2052
New loan
New conventional
$2,670/mo
+$1,288/mo- Down payment
- $34,299
- Funds due
- $42,926
- Interest + MI left
- $455,973
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,701 | $179,701 | $300,701 |
| Second mortgage | — | $121,000 | — |
| First P&I | $854.03 | $854.03 | $2,081.99 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $60.14 |
| Taxes, insurance & HOA | $528.17 | $528.17 | $528.17 |
| Total housing payment | $1,382.20 | $2,270.05 | $2,670.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,299
Closing costs & prepaids$11,893
Usable credit−$0
Total buyer cash needed$46,192
Earnest money paid−$0
Remaining funds due$46,192
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$898.50
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)$600.50
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$15.26
Prepaid interest, second (1 days)$26.52
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$27,527Through Nov 2026
Assumption only · ends Mar 2052$79,925
Assumption + second · ends Mar 2052, second Dec 2056$278,553
New conventional · ends Dec 2056$455,973