Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $184,023
- Funds due
- $195,105
- Interest + MI left
- $93,829
- First ends
- Feb 2052
Assumption
Assumption + second
$2,493/mo
+$1,057/mo- Down payment
- $40,023
- Funds due
- $52,387
- Interest + MI left
- $330,213
- First ends
- Feb 2052
New loan
New conventional
$2,959/mo
+$1,523/mo- Down payment
- $40,023
- Funds due
- $48,911
- Interest + MI left
- $538,276
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,977 | $210,977 | $354,977 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,005.96 | $1,005.96 | $2,457.79 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $71.00 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $1,436.46 | $2,493.08 | $2,959.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,023
Closing costs & prepaids$12,364
Usable credit−$0
Total buyer cash needed$52,387
Earnest money paid−$0
Remaining funds due$52,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,054.89
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)$565.50
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$17.98
Prepaid interest, second (1 days)$31.56
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$33,037Through Nov 2026
Assumption only · ends Feb 2052$93,829
Assumption + second · ends Feb 2052, second Dec 2056$330,213
New conventional · ends Dec 2056$538,276