Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $137,799
- Funds due
- $148,566
- Interest + MI left
- $107,715
- First ends
- Feb 2052
Assumption
Assumption + second
$2,274/mo
+$797/mo- Down payment
- $38,799
- Funds due
- $50,840
- Interest + MI left
- $295,483
- First ends
- Feb 2052
New loan
New conventional
$2,753/mo
+$1,276/mo- Down payment
- $38,799
- Funds due
- $47,222
- Interest + MI left
- $517,386
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,201 | $242,201 | $341,201 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,154.84 | $1,154.84 | $2,362.41 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $68.24 |
| Taxes, insurance & HOA | $322.33 | $322.33 | $322.33 |
| Total housing payment | $1,477.17 | $2,273.75 | $2,752.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,799
Closing costs & prepaids$12,041
Usable credit−$0
Total buyer cash needed$50,840
Earnest money paid−$0
Remaining funds due$50,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,211.00
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)$319.00
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$20.64
Prepaid interest, second (1 days)$24.41
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$37,927Through Nov 2026
Assumption only · ends Feb 2052$107,715
Assumption + second · ends Feb 2052, second Dec 2056$295,483
New conventional · ends Dec 2056$517,386