Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,711/mo
Lowest payment- Down payment
- $102,673
- Funds due
- $114,000
- Interest + MI left
- $122,447
- First ends
- Feb 2052
Assumption
Assumption + second
$2,226/mo
+$515/mo- Down payment
- $38,673
- Funds due
- $51,392
- Interest + MI left
- $243,832
- First ends
- Feb 2052
New loan
New conventional
$2,768/mo
+$1,057/mo- Down payment
- $38,673
- Funds due
- $47,827
- Interest + MI left
- $499,007
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,326 | $277,326 | $341,326 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,323.75 | $1,323.75 | $2,312.26 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $68.27 |
| Taxes, insurance & HOA | $387.00 | $387.00 | $387.00 |
| Total housing payment | $1,710.75 | $2,225.71 | $2,767.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,673
Closing costs & prepaids$12,720
Usable credit−$0
Total buyer cash needed$51,392
Earnest money paid−$0
Remaining funds due$51,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,386.63
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)$456.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$211.98
Prepaid interest, second (9 days)$142.03
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 3.1%
Interest already paid$44,104Through Dec 2026
Assumption only · ends Feb 2052$122,447
Assumption + second · ends Feb 2052, second Jan 2057$243,832
New conventional · ends Jan 2057$499,007