Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $107,068
- Funds due
- $118,128
- Interest + MI left
- $123,165
- First ends
- Feb 2052
Assumption
Assumption + second
$2,214/mo
+$547/mo- Down payment
- $39,068
- Funds due
- $51,395
- Interest + MI left
- $252,136
- First ends
- Feb 2052
New loan
New conventional
$2,807/mo
+$1,141/mo- Down payment
- $39,068
- Funds due
- $47,601
- Interest + MI left
- $524,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,932 | $277,932 | $345,932 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,323.75 | $1,323.75 | $2,395.16 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $69.19 |
| Taxes, insurance & HOA | $342.92 | $342.92 | $342.92 |
| Total housing payment | $1,666.67 | $2,213.81 | $2,807.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,068
Closing costs & prepaids$12,327
Usable credit−$0
Total buyer cash needed$51,395
Earnest money paid−$0
Remaining funds due$51,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,389.66
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)$323.75
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$23.61
Prepaid interest, second (1 days)$16.77
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 3.100%
Interest already paid$43,386Through Nov 2026
Assumption only · ends Feb 2052$123,165
Assumption + second · ends Feb 2052, second Dec 2056$252,136
New conventional · ends Dec 2056$524,560