Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,821/mo
Lowest payment- Down payment
- $49,154
- Funds due
- $60,363
- Interest + MI left
- $140,654
- First ends
- Mar 2052
Assumption
Assumption + second
$2,127/mo
+$306/mo- Down payment
- $19,154
- Funds due
- $31,700
- Interest + MI left
- $220,706
- First ends
- Mar 2052
New loan
New conventional
$2,745/mo
+$924/mo- Down payment
- $19,154
- Funds due
- $28,153
- Interest + MI left
- $514,819
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,846 | $320,846 | $350,846 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,523.10 | $1,523.10 | $2,376.75 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $70.17 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,821.10 | $2,126.80 | $2,744.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,154
Closing costs & prepaids$12,547
Usable credit−$0
Total buyer cash needed$31,700
Earnest money paid−$0
Remaining funds due$31,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,604.23
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)$444.00
Prepaid interest, first (9 days)$242.88
Prepaid interest, second (9 days)$87.84
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 3 moOf the original 30-year loan at 3.07%
Interest already paid$49,613Through Dec 2026
Assumption only · ends Mar 2052$140,654
Assumption + second · ends Mar 2052, second Jan 2057$220,706
New conventional · ends Jan 2057$514,819