Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $208,167
- Funds due
- $219,488
- Interest + MI left
- $92,426
- First ends
- Feb 2052
Assumption
Assumption + second
$2,649/mo
+$1,218/mo- Down payment
- $42,167
- Funds due
- $54,775
- Interest + MI left
- $364,924
- First ends
- Feb 2052
New loan
New conventional
$3,115/mo
+$1,684/mo- Down payment
- $42,167
- Funds due
- $51,278
- Interest + MI left
- $571,493
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,833 | $210,833 | $376,833 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,000.85 | $1,000.85 | $2,609.12 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $75.37 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $1,431.35 | $2,649.40 | $3,114.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,167
Closing costs & prepaids$12,608
Usable credit−$0
Total buyer cash needed$54,775
Earnest money paid−$0
Remaining funds due$54,775
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,054.17
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)$565.50
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$17.73
Prepaid interest, second (1 days)$36.38
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$32,602Through Nov 2026
Assumption only · ends Feb 2052$92,426
Assumption + second · ends Feb 2052, second Dec 2056$364,924
New conventional · ends Dec 2056$571,493