Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,810/mo
Lowest payment- Down payment
- $210,127
- Funds due
- $223,035
- Interest + MI left
- $124,425
- First ends
- Mar 2052
Assumption
Assumption + second
$2,991/mo
+$1,181/mo- Down payment
- $49,127
- Funds due
- $63,602
- Interest + MI left
- $388,715
- First ends
- Mar 2052
New loan
New conventional
$3,550/mo
+$1,740/mo- Down payment
- $49,127
- Funds due
- $59,917
- Interest + MI left
- $644,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,773 | $279,773 | $440,773 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,333.99 | $1,333.99 | $2,985.95 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $88.15 |
| Taxes, insurance & HOA | $475.67 | $475.67 | $475.67 |
| Total housing payment | $1,809.65 | $2,991.01 | $3,549.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,127
Closing costs & prepaids$14,475
Usable credit−$0
Total buyer cash needed$63,602
Earnest money paid−$0
Remaining funds due$63,602
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,398.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$588.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$214.54
Prepaid interest, second (9 days)$317.59
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 3.11%
Interest already paid$43,810Through Dec 2026
Assumption only · ends Mar 2052$124,425
Assumption + second · ends Mar 2052, second Jan 2057$388,715
New conventional · ends Jan 2057$644,483