Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $70,272
- Funds due
- $81,158
- Interest + MI left
- $112,594
- First ends
- Jan 2052
Assumption
Assumption + second
$1,978/mo
+$298/mo- Down payment
- $33,272
- Funds due
- $45,490
- Interest + MI left
- $182,769
- First ends
- Jan 2052
New loan
New conventional
$2,509/mo
+$829/mo- Down payment
- $33,272
- Funds due
- $42,067
- Interest + MI left
- $432,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,728 | $258,728 | $295,728 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,233.63 | $1,233.63 | $2,003.36 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $59.15 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $1,679.88 | $1,977.59 | $2,508.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,272
Closing costs & prepaids$12,218
Usable credit−$0
Total buyer cash needed$45,490
Earnest money paid−$0
Remaining funds due$45,490
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,293.64
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)$394.75
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$195.85
Prepaid interest, second (9 days)$82.11
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$41,512Through Dec 2026
Assumption only · ends Jan 2052$112,594
Assumption + second · ends Jan 2052, second Jan 2057$182,769
New conventional · ends Jan 2057$432,403