Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,316/mo
Lowest payment- Down payment
- $155,689
- Funds due
- $166,227
- Interest + MI left
- $79,461
- First ends
- Mar 2052
Assumption
Assumption + second
$2,211/mo
+$895/mo- Down payment
- $33,689
- Funds due
- $45,717
- Interest + MI left
- $279,730
- First ends
- Mar 2052
New loan
New conventional
$2,563/mo
+$1,247/mo- Down payment
- $33,689
- Funds due
- $42,597
- Interest + MI left
- $440,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,311 | $179,311 | $301,311 |
| Second mortgage | — | $122,000 | — |
| First P&I | $854.03 | $854.03 | $2,041.19 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $60.26 |
| Taxes, insurance & HOA | $462.00 | $462.00 | $462.00 |
| Total housing payment | $1,316.03 | $2,211.23 | $2,563.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,689
Closing costs & prepaids$12,028
Usable credit−$0
Total buyer cash needed$45,717
Earnest money paid−$0
Remaining funds due$45,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$896.55
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)$402.00
Initial HOA (3 months)$534.00
Prepaid interest, first (9 days)$137.06
Prepaid interest, second (9 days)$240.66
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 3.1%
Interest already paid$27,991Through Dec 2026
Assumption only · ends Mar 2052$79,461
Assumption + second · ends Mar 2052, second Jan 2057$279,730
New conventional · ends Jan 2057$440,567