Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,805/mo
Lowest payment- Down payment
- $71,595
- Funds due
- $83,277
- Interest + MI left
- $95,795
- First ends
- Feb 2052
Assumption
Assumption + second
$2,071/mo
+$266/mo- Down payment
- $38,595
- Funds due
- $51,600
- Interest + MI left
- $158,385
- First ends
- Feb 2052
New loan
New conventional
$2,848/mo
+$1,043/mo- Down payment
- $38,595
- Funds due
- $47,989
- Interest + MI left
- $499,122
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,405 | $308,405 | $341,405 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,338.41 | $1,338.41 | $2,312.80 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $68.28 |
| Taxes, insurance & HOA | $467.00 | $467.00 | $467.00 |
| Total housing payment | $1,805.41 | $2,070.94 | $2,848.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,595
Closing costs & prepaids$13,005
Usable credit−$0
Total buyer cash needed$51,600
Earnest money paid−$0
Remaining funds due$51,600
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.02
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)$495.00
Prepaid interest, first (9 days)$171.10
Prepaid interest, second (9 days)$73.23
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 2.25%
Interest already paid$35,889Through Dec 2026
Assumption only · ends Feb 2052$95,795
Assumption + second · ends Feb 2052, second Jan 2057$158,385
New conventional · ends Jan 2057$499,122