Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $70,260
- Funds due
- $80,500
- Interest + MI left
- $71,305
- First ends
- Feb 2052
Assumption
Assumption + second
$1,754/mo
+$322/mo- Down payment
- $30,260
- Funds due
- $41,760
- Interest + MI left
- $147,170
- First ends
- Feb 2052
New loan
New conventional
$2,356/mo
+$924/mo- Down payment
- $30,260
- Funds due
- $38,301
- Interest + MI left
- $407,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,740 | $228,740 | $268,740 |
| Second mortgage | — | $40,000 | — |
| First P&I | $990.25 | $990.25 | $1,860.70 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $53.75 |
| Taxes, insurance & HOA | $441.50 | $441.50 | $441.50 |
| Total housing payment | $1,431.75 | $1,753.60 | $2,355.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,260
Closing costs & prepaids$11,500
Usable credit−$0
Total buyer cash needed$41,760
Earnest money paid−$0
Remaining funds due$41,760
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,143.70
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)$364.50
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$14.10
Prepaid interest, second (1 days)$9.86
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 3 moOf the original 30-year loan at 2.250%
Interest already paid$26,124Through Nov 2026
Assumption only · ends Feb 2052$71,305
Assumption + second · ends Feb 2052, second Dec 2056$147,170
New conventional · ends Dec 2056$407,509