Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $50,328
- Funds due
- $61,418
- Interest + MI left
- $133,563
- First ends
- Feb 2052
Assumption
Assumption + second
$2,180/mo
+$326/mo- Down payment
- $18,328
- Funds due
- $30,679
- Interest + MI left
- $218,952
- First ends
- Feb 2052
New loan
New conventional
$2,806/mo
+$952/mo- Down payment
- $18,328
- Funds due
- $26,961
- Interest + MI left
- $512,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,672 | $304,672 | $336,672 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,446.32 | $1,446.32 | $2,331.05 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $67.33 |
| Taxes, insurance & HOA | $407.83 | $407.83 | $407.83 |
| Total housing payment | $1,854.15 | $2,180.24 | $2,806.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,328
Closing costs & prepaids$12,351
Usable credit−$0
Total buyer cash needed$30,679
Earnest money paid−$0
Remaining funds due$30,679
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,523.36
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)$563.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$25.63
Prepaid interest, second (1 days)$10.41
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 3.070%
Interest already paid$47,112Through Nov 2026
Assumption only · ends Feb 2052$133,563
Assumption + second · ends Feb 2052, second Dec 2056$218,952
New conventional · ends Dec 2056$512,336