Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,902/mo
Lowest payment- Down payment
- $53,719
- Funds due
- $65,257
- Interest + MI left
- $125,739
- First ends
- Jan 2052
Assumption
Assumption + second
$2,238/mo
+$336/mo- Down payment
- $20,719
- Funds due
- $33,518
- Interest + MI left
- $213,797
- First ends
- Jan 2052
New loan
New conventional
$3,039/mo
+$1,137/mo- Down payment
- $20,719
- Funds due
- $29,580
- Interest + MI left
- $576,417
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,781 | $345,781 | $378,781 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,561.32 | $1,561.32 | $2,622.60 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $75.76 |
| Taxes, insurance & HOA | $340.42 | $340.42 | $340.42 |
| Total housing payment | $1,901.74 | $2,238.01 | $3,038.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,719
Closing costs & prepaids$12,799
Usable credit−$0
Total buyer cash needed$33,518
Earnest money paid−$0
Remaining funds due$33,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,728.90
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)$307.25
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$24.63
Prepaid interest, second (1 days)$10.74
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 2.600%
Interest already paid$46,338Through Nov 2026
Assumption only · ends Jan 2052$125,739
Assumption + second · ends Jan 2052, second Dec 2056$213,797
New conventional · ends Dec 2056$576,417