Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,653/mo
Lowest payment- Down payment
- $131,392
- Funds due
- $142,816
- Interest + MI left
- $114,717
- First ends
- Jan 2052
Assumption
Assumption + second
$2,385/mo
+$732/mo- Down payment
- $40,392
- Funds due
- $53,268
- Interest + MI left
- $287,312
- First ends
- Jan 2052
New loan
New conventional
$2,869/mo
+$1,216/mo- Down payment
- $40,392
- Funds due
- $49,730
- Interest + MI left
- $518,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,608 | $263,608 | $354,608 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,256.90 | $1,256.90 | $2,402.24 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $70.92 |
| Taxes, insurance & HOA | $396.33 | $396.33 | $396.33 |
| Total housing payment | $1,653.23 | $2,385.43 | $2,869.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,392
Closing costs & prepaids$12,877
Usable credit−$0
Total buyer cash needed$53,268
Earnest money paid−$0
Remaining funds due$53,268
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,318.04
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)$474.00
Initial HOA (3 months)$264.99
Prepaid interest, first (9 days)$199.55
Prepaid interest, second (9 days)$201.95
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$42,295Through Dec 2026
Assumption only · ends Jan 2052$114,717
Assumption + second · ends Jan 2052, second Jan 2057$287,312
New conventional · ends Jan 2057$518,425