Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,344/mo
Lowest payment- Down payment
- $79,986
- Funds due
- $90,092
- Interest + MI left
- $79,078
- First ends
- Jun 2052
Assumption
Assumption + second
$1,738/mo
+$394/mo- Down payment
- $30,986
- Funds due
- $42,450
- Interest + MI left
- $172,013
- First ends
- Jun 2052
New loan
New conventional
$2,242/mo
+$898/mo- Down payment
- $30,986
- Funds due
- $39,227
- Interest + MI left
- $393,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,912 | $219,912 | $268,912 |
| Second mortgage | — | $49,000 | — |
| First P&I | $977.09 | $977.09 | $1,821.70 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $53.78 |
| Taxes, insurance & HOA | $367.00 | $367.00 | $367.00 |
| Total housing payment | $1,344.09 | $1,738.35 | $2,242.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,986
Closing costs & prepaids$11,464
Usable credit−$0
Total buyer cash needed$42,450
Earnest money paid−$0
Remaining funds due$42,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,998.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,099.56
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)$360.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$137.73
Prepaid interest, second (9 days)$108.74
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 6 moOf the original 30-year loan at 2.54%
Interest already paid$26,682Through Dec 2026
Assumption only · ends Jun 2052$79,078
Assumption + second · ends Jun 2052, second Jan 2057$172,013
New conventional · ends Jan 2057$393,086