Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,741/mo
Lowest payment- Down payment
- $127,827
- Funds due
- $139,530
- Interest + MI left
- $122,806
- First ends
- Mar 2052
Assumption
Assumption + second
$2,433/mo
+$692/mo- Down payment
- $41,827
- Funds due
- $54,971
- Interest + MI left
- $285,917
- First ends
- Mar 2052
New loan
New conventional
$2,972/mo
+$1,231/mo- Down payment
- $41,827
- Funds due
- $51,348
- Interest + MI left
- $538,256
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,173 | $282,173 | $368,173 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,336.56 | $1,336.56 | $2,494.13 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $73.63 |
| Taxes, insurance & HOA | $404.00 | $404.00 | $404.00 |
| Total housing payment | $1,740.56 | $2,432.54 | $2,971.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,827
Closing costs & prepaids$13,144
Usable credit−$0
Total buyer cash needed$54,971
Earnest money paid−$0
Remaining funds due$54,971
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,410.86
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)$492.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$212.21
Prepaid interest, second (9 days)$190.85
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 3.05%
Interest already paid$43,357Through Dec 2026
Assumption only · ends Mar 2052$122,806
Assumption + second · ends Mar 2052, second Jan 2057$285,917
New conventional · ends Jan 2057$538,256