Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $54,531
- Funds due
- $66,434
- Interest + MI left
- $124,990
- First ends
- Jan 2052
Assumption
Assumption + second
$2,306/mo
+$346/mo- Down payment
- $20,531
- Funds due
- $33,783
- Interest + MI left
- $215,716
- First ends
- Jan 2052
New loan
New conventional
$3,041/mo
+$1,082/mo- Down payment
- $20,531
- Funds due
- $30,160
- Interest + MI left
- $556,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,969 | $344,969 | $378,969 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,561.32 | $1,561.32 | $2,567.27 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $75.79 |
| Taxes, insurance & HOA | $397.83 | $397.83 | $397.83 |
| Total housing payment | $1,959.16 | $2,305.62 | $3,040.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,531
Closing costs & prepaids$13,252
Usable credit−$0
Total buyer cash needed$33,783
Earnest money paid−$0
Remaining funds due$33,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,724.84
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)$479.50
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$221.16
Prepaid interest, second (9 days)$99.55
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 2.6%
Interest already paid$47,087Through Dec 2026
Assumption only · ends Jan 2052$124,990
Assumption + second · ends Jan 2052, second Jan 2057$215,716
New conventional · ends Jan 2057$556,086