Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,026/mo
Lowest payment- Down payment
- $111,344
- Funds due
- $120,429
- Interest + MI left
- $72,784
- First ends
- Feb 2052
Assumption
Assumption + second
$1,693/mo
+$668/mo- Down payment
- $28,344
- Funds due
- $38,700
- Interest + MI left
- $230,205
- First ends
- Feb 2052
New loan
New conventional
$2,002/mo
+$977/mo- Down payment
- $28,344
- Funds due
- $35,571
- Interest + MI left
- $373,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,656 | $163,656 | $246,656 |
| Second mortgage | — | $83,000 | — |
| First P&I | $780.33 | $780.33 | $1,707.80 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $49.33 |
| Taxes, insurance & HOA | $245.17 | $245.17 | $245.17 |
| Total housing payment | $1,025.50 | $1,693.34 | $2,002.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,344
Closing costs & prepaids$10,356
Usable credit−$0
Total buyer cash needed$38,700
Earnest money paid−$0
Remaining funds due$38,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$818.28
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)$276.75
Initial HOA (3 months)$8.76
Prepaid interest, first (1 days)$13.94
Prepaid interest, second (1 days)$20.47
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 3.110%
Interest already paid$25,627Through Nov 2026
Assumption only · ends Feb 2052$72,784
Assumption + second · ends Feb 2052, second Dec 2056$230,205
New conventional · ends Dec 2056$373,972