Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,016/mo
Lowest payment- Down payment
- $85,829
- Funds due
- $97,796
- Interest + MI left
- $137,727
- First ends
- Feb 2052
Assumption
Assumption + second
$2,378/mo
+$362/mo- Down payment
- $40,829
- Funds due
- $54,068
- Interest + MI left
- $223,076
- First ends
- Feb 2052
New loan
New conventional
$3,084/mo
+$1,067/mo- Down payment
- $40,829
- Funds due
- $50,116
- Interest + MI left
- $544,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,171 | $314,171 | $359,171 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,491.41 | $1,491.41 | $2,486.83 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $71.83 |
| Taxes, insurance & HOA | $524.92 | $524.92 | $524.92 |
| Total housing payment | $2,016.33 | $2,378.41 | $3,083.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,829
Closing costs & prepaids$13,239
Usable credit−$0
Total buyer cash needed$54,068
Earnest money paid−$0
Remaining funds due$54,068
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,570.85
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)$1,124.75
Prepaid interest, first (2 days)$52.85
Prepaid interest, second (2 days)$22.19
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 3.070%
Interest already paid$48,581Through Nov 2026
Assumption only · ends Feb 2052$137,727
Assumption + second · ends Feb 2052, second Dec 2056$223,076
New conventional · ends Dec 2056$544,635