Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $51,741
- Funds due
- $62,304
- Interest + MI left
- $103,736
- First ends
- Feb 2052
Assumption
Assumption + second
$1,997/mo
+$357/mo- Down payment
- $16,741
- Funds due
- $28,565
- Interest + MI left
- $197,130
- First ends
- Feb 2052
New loan
New conventional
$2,569/mo
+$929/mo- Down payment
- $16,741
- Funds due
- $25,048
- Interest + MI left
- $459,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,259 | $267,259 | $302,259 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,224.41 | $1,224.41 | $2,092.78 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $60.45 |
| Taxes, insurance & HOA | $416.08 | $416.08 | $416.08 |
| Total housing payment | $1,640.49 | $1,997.14 | $2,569.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,741
Closing costs & prepaids$11,824
Usable credit−$0
Total buyer cash needed$28,565
Earnest money paid−$0
Remaining funds due$28,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,336.29
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)$561.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$20.14
Prepaid interest, second (1 days)$11.39
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 2.750%
Interest already paid$37,128Through Nov 2026
Assumption only · ends Feb 2052$103,736
Assumption + second · ends Feb 2052, second Dec 2056$197,130
New conventional · ends Dec 2056$459,968