Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,838/mo
Lowest payment- Down payment
- $77,728
- Funds due
- $89,061
- Interest + MI left
- $132,034
- First ends
- Mar 2052
Assumption
Assumption + second
$2,152/mo
+$314/mo- Down payment
- $38,728
- Funds due
- $51,321
- Interest + MI left
- $206,003
- First ends
- Mar 2052
New loan
New conventional
$2,841/mo
+$1,003/mo- Down payment
- $38,728
- Funds due
- $47,413
- Interest + MI left
- $517,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,272 | $302,272 | $341,272 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,428.64 | $1,428.64 | $2,362.90 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $68.25 |
| Taxes, insurance & HOA | $409.42 | $409.42 | $409.42 |
| Total housing payment | $1,838.05 | $2,151.86 | $2,840.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,728
Closing costs & prepaids$12,592
Usable credit−$0
Total buyer cash needed$51,321
Earnest money paid−$0
Remaining funds due$51,321
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%)$1,511.36
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)$388.25
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$25.26
Prepaid interest, second (1 days)$9.62
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 4 moOf the original 30-year loan at 3.050%
Interest already paid$45,575Through Nov 2026
Assumption only · ends Mar 2052$132,034
Assumption + second · ends Mar 2052, second Dec 2056$206,003
New conventional · ends Dec 2056$517,494