Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,770/mo
Lowest payment- Down payment
- $134,149
- Funds due
- $145,990
- Interest + MI left
- $128,418
- First ends
- Feb 2052
Assumption
Assumption + second
$2,503/mo
+$732/mo- Down payment
- $43,149
- Funds due
- $56,442
- Interest + MI left
- $301,012
- First ends
- Feb 2052
New loan
New conventional
$3,045/mo
+$1,275/mo- Down payment
- $43,149
- Funds due
- $52,765
- Interest + MI left
- $558,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,851 | $290,851 | $381,851 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,388.31 | $1,388.31 | $2,586.79 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $76.37 |
| Taxes, insurance & HOA | $382.00 | $382.00 | $382.00 |
| Total housing payment | $1,770.31 | $2,502.51 | $3,045.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,149
Closing costs & prepaids$13,293
Usable credit−$0
Total buyer cash needed$56,442
Earnest money paid−$0
Remaining funds due$56,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.25
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)$510.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$222.32
Prepaid interest, second (9 days)$201.95
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$46,255Through Dec 2026
Assumption only · ends Feb 2052$128,418
Assumption + second · ends Feb 2052, second Jan 2057$301,012
New conventional · ends Jan 2057$558,253