Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,687/mo
Lowest payment- Down payment
- $62,325
- Funds due
- $72,989
- Interest + MI left
- $119,962
- First ends
- Jan 2052
Assumption
Assumption + second
$1,912/mo
+$225/mo- Down payment
- $34,325
- Funds due
- $46,246
- Interest + MI left
- $173,068
- First ends
- Jan 2052
New loan
New conventional
$2,528/mo
+$842/mo- Down payment
- $34,325
- Funds due
- $42,527
- Interest + MI left
- $455,934
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,675 | $272,675 | $300,675 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,300.12 | $1,300.12 | $2,081.81 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $60.14 |
| Taxes, insurance & HOA | $386.42 | $386.42 | $386.42 |
| Total housing payment | $1,686.54 | $1,911.83 | $2,528.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,325
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$46,246
Earnest money paid−$0
Remaining funds due$46,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,363.38
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)$154.25
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$23.08
Prepaid interest, second (1 days)$6.90
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 3.090%
Interest already paid$43,228Through Nov 2026
Assumption only · ends Jan 2052$119,962
Assumption + second · ends Jan 2052, second Dec 2056$173,068
New conventional · ends Dec 2056$455,934