Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
Lowest payment- Down payment
- $150,811
- Funds due
- $162,318
- Interest + MI left
- $115,393
- First ends
- Jan 2052
Assumption
Assumption + second
$2,472/mo
+$800/mo- Down payment
- $41,811
- Funds due
- $54,591
- Interest + MI left
- $294,322
- First ends
- Jan 2052
New loan
New conventional
$3,074/mo
+$1,402/mo- Down payment
- $41,811
- Funds due
- $50,839
- Interest + MI left
- $565,966
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,189 | $264,189 | $373,189 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,256.90 | $1,256.90 | $2,583.89 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $74.64 |
| Taxes, insurance & HOA | $415.25 | $415.25 | $415.25 |
| Total housing payment | $1,672.14 | $2,471.95 | $3,073.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,811
Closing costs & prepaids$12,781
Usable credit−$0
Total buyer cash needed$54,591
Earnest money paid−$0
Remaining funds due$54,591
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,320.95
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)$530.75
Initial HOA (3 months)$264.99
Prepaid interest, first (1 days)$22.22
Prepaid interest, second (1 days)$23.89
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$41,619Through Nov 2026
Assumption only · ends Jan 2052$115,393
Assumption + second · ends Jan 2052, second Dec 2056$294,322
New conventional · ends Dec 2056$565,966