Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $122,800
- Funds due
- $134,745
- Interest + MI left
- $138,783
- First ends
- Feb 2052
Assumption
Assumption + second
$2,487/mo
+$620/mo- Down payment
- $45,800
- Funds due
- $59,032
- Interest + MI left
- $284,824
- First ends
- Feb 2052
New loan
New conventional
$3,209/mo
+$1,342/mo- Down payment
- $45,800
- Funds due
- $54,968
- Interest + MI left
- $612,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,200 | $327,200 | $404,200 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,537.90 | $1,537.90 | $2,798.60 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $80.84 |
| Taxes, insurance & HOA | $329.17 | $329.17 | $329.17 |
| Total housing payment | $1,867.06 | $2,486.62 | $3,208.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,800
Closing costs & prepaids$13,233
Usable credit−$0
Total buyer cash needed$59,032
Earnest money paid−$0
Remaining funds due$59,032
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,636.00
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)$420.50
Initial HOA (3 months)$117.00
Prepaid interest, first (2 days)$53.43
Prepaid interest, second (2 days)$37.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.980%
Interest already paid$49,153Through Nov 2026
Assumption only · ends Feb 2052$138,783
Assumption + second · ends Feb 2052, second Dec 2056$284,824
New conventional · ends Dec 2056$612,916