Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $79,603
- Funds due
- $89,754
- Interest + MI left
- $94,081
- First ends
- Jan 2052
Assumption
Assumption + second
$1,873/mo
+$402/mo- Down payment
- $29,603
- Funds due
- $41,016
- Interest + MI left
- $188,913
- First ends
- Jan 2052
New loan
New conventional
$2,336/mo
+$866/mo- Down payment
- $29,603
- Funds due
- $37,623
- Interest + MI left
- $402,492
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,397 | $215,397 | $265,397 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,024.76 | $1,024.76 | $1,837.56 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $53.08 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $1,470.43 | $1,872.74 | $2,336.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,603
Closing costs & prepaids$11,412
Usable credit−$0
Total buyer cash needed$41,016
Earnest money paid−$0
Remaining funds due$41,016
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,076.98
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)$197.00
Initial HOA (3 months)$690.00
Prepaid interest, first (1 days)$18.12
Prepaid interest, second (1 days)$12.33
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$33,933Through Nov 2026
Assumption only · ends Jan 2052$94,081
Assumption + second · ends Jan 2052, second Dec 2056$188,913
New conventional · ends Dec 2056$402,492