Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,789/mo
Lowest payment- Down payment
- $56,735
- Funds due
- $67,832
- Interest + MI left
- $127,487
- First ends
- Jan 2052
Assumption
Assumption + second
$2,166/mo
+$377/mo- Down payment
- $19,735
- Funds due
- $32,094
- Interest + MI left
- $226,218
- First ends
- Jan 2052
New loan
New conventional
$2,862/mo
+$1,074/mo- Down payment
- $19,735
- Funds due
- $28,274
- Interest + MI left
- $548,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,165 | $323,165 | $360,165 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,492.22 | $1,492.22 | $2,493.71 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $72.03 |
| Taxes, insurance & HOA | $296.58 | $296.58 | $296.58 |
| Total housing payment | $1,788.80 | $2,165.84 | $2,862.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,735
Closing costs & prepaids$12,359
Usable credit−$0
Total buyer cash needed$32,094
Earnest money paid−$0
Remaining funds due$32,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,615.83
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)$294.75
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$24.79
Prepaid interest, second (1 days)$12.04
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 2.800%
Interest already paid$46,549Through Nov 2026
Assumption only · ends Jan 2052$127,487
Assumption + second · ends Jan 2052, second Dec 2056$226,218
New conventional · ends Dec 2056$548,087