Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,075/mo
Lowest payment- Down payment
- $86,633
- Funds due
- $99,002
- Interest + MI left
- $156,021
- First ends
- Feb 2052
Assumption
Assumption + second
$2,413/mo
+$338/mo- Down payment
- $44,633
- Funds due
- $58,345
- Interest + MI left
- $235,680
- First ends
- Feb 2052
New loan
New conventional
$3,145/mo
+$1,071/mo- Down payment
- $44,633
- Funds due
- $54,426
- Interest + MI left
- $578,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,367 | $353,367 | $395,367 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,686.71 | $1,686.71 | $2,678.35 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $79.07 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $2,074.71 | $2,412.66 | $3,145.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,633
Closing costs & prepaids$13,712
Usable credit−$0
Total buyer cash needed$58,345
Earnest money paid−$0
Remaining funds due$58,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,766.84
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)$528.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$270.11
Prepaid interest, second (9 days)$93.21
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$56,197Through Dec 2026
Assumption only · ends Feb 2052$156,021
Assumption + second · ends Feb 2052, second Jan 2057$235,680
New conventional · ends Jan 2057$578,092