Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,410/mo
Lowest payment- Down payment
- $208,628
- Funds due
- $220,026
- Interest + MI left
- $91,887
- First ends
- Feb 2052
Assumption
Assumption + second
$2,628/mo
+$1,218/mo- Down payment
- $42,628
- Funds due
- $55,604
- Interest + MI left
- $364,384
- First ends
- Feb 2052
New loan
New conventional
$3,035/mo
+$1,624/mo- Down payment
- $42,628
- Funds due
- $52,262
- Interest + MI left
- $550,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,372 | $210,372 | $376,372 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,000.85 | $1,000.85 | $2,549.68 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $75.27 |
| Taxes, insurance & HOA | $409.58 | $409.58 | $409.58 |
| Total housing payment | $1,410.44 | $2,628.49 | $3,034.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,628
Closing costs & prepaids$12,975
Usable credit−$0
Total buyer cash needed$55,604
Earnest money paid−$0
Remaining funds due$55,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,051.86
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)$502.75
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$159.25
Prepaid interest, second (9 days)$327.45
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$33,141Through Dec 2026
Assumption only · ends Feb 2052$91,887
Assumption + second · ends Feb 2052, second Jan 2057$364,384
New conventional · ends Jan 2057$550,243