Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,502/mo
Lowest payment- Down payment
- $145,831
- Funds due
- $156,799
- Interest + MI left
- $105,258
- First ends
- Jan 2052
Assumption
Assumption + second
$2,279/mo
+$778/mo- Down payment
- $39,831
- Funds due
- $52,072
- Interest + MI left
- $279,262
- First ends
- Jan 2052
New loan
New conventional
$2,858/mo
+$1,356/mo- Down payment
- $39,831
- Funds due
- $48,414
- Interest + MI left
- $538,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,069 | $249,069 | $355,069 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,173.27 | $1,173.27 | $2,458.43 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $71.01 |
| Taxes, insurance & HOA | $328.33 | $328.33 | $328.33 |
| Total housing payment | $1,501.60 | $2,279.39 | $2,857.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,831
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$52,072
Earnest money paid−$0
Remaining funds due$52,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,245.35
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)$330.25
Initial HOA (3 months)$204.75
Prepaid interest, first (1 days)$20.33
Prepaid interest, second (1 days)$23.23
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 2.980%
Interest already paid$38,119Through Nov 2026
Assumption only · ends Jan 2052$105,258
Assumption + second · ends Jan 2052, second Dec 2056$279,262
New conventional · ends Dec 2056$538,486