Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $70,278
- Funds due
- $82,022
- Interest + MI left
- $146,205
- First ends
- Mar 2052
Assumption
Assumption + second
$2,242/mo
+$241/mo- Down payment
- $40,278
- Funds due
- $53,280
- Interest + MI left
- $203,104
- First ends
- Mar 2052
New loan
New conventional
$2,994/mo
+$993/mo- Down payment
- $40,278
- Funds due
- $49,228
- Interest + MI left
- $544,026
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,722 | $328,722 | $358,722 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,562.26 | $1,562.26 | $2,483.72 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $71.74 |
| Taxes, insurance & HOA | $438.25 | $438.25 | $438.25 |
| Total housing payment | $2,000.51 | $2,241.90 | $2,993.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,278
Closing costs & prepaids$13,002
Usable credit−$0
Total buyer cash needed$53,280
Earnest money paid−$0
Remaining funds due$53,280
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,643.61
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)$840.75
Initial HOA (3 months)$24.00
Prepaid interest, first (1 days)$27.92
Prepaid interest, second (1 days)$7.40
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$50,354Through Nov 2026
Assumption only · ends Mar 2052$146,205
Assumption + second · ends Mar 2052, second Dec 2056$203,104
New conventional · ends Dec 2056$544,026