Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,382/mo
Lowest payment- Down payment
- $93,420
- Funds due
- $103,611
- Interest + MI left
- $101,150
- First ends
- Feb 2052
Assumption
Assumption + second
$1,865/mo
+$483/mo- Down payment
- $33,420
- Funds due
- $44,994
- Interest + MI left
- $214,949
- First ends
- Feb 2052
New loan
New conventional
$2,314/mo
+$932/mo- Down payment
- $33,420
- Funds due
- $41,667
- Interest + MI left
- $426,280
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,580 | $231,580 | $291,580 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,101.76 | $1,101.76 | $1,975.26 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $58.32 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,381.76 | $1,864.53 | $2,313.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,420
Closing costs & prepaids$11,574
Usable credit−$0
Total buyer cash needed$44,994
Earnest money paid−$0
Remaining funds due$44,994
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,157.90
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)$390.00
Prepaid interest, first (9 days)$175.30
Prepaid interest, second (9 days)$133.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.07%
Interest already paid$36,482Through Dec 2026
Assumption only · ends Feb 2052$101,150
Assumption + second · ends Feb 2052, second Jan 2057$214,949
New conventional · ends Jan 2057$426,280