Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $40,536
- Funds due
- $50,393
- Interest + MI left
- $111,278
- First ends
- Jan 2052
Assumption
Assumption + second
$1,768/mo
+$265/mo- Down payment
- $14,536
- Funds due
- $25,652
- Interest + MI left
- $180,656
- First ends
- Jan 2052
New loan
New conventional
$2,267/mo
+$764/mo- Down payment
- $14,536
- Funds due
- $22,247
- Interest + MI left
- $417,725
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,464 | $248,464 | $274,464 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,191.20 | $1,191.20 | $1,900.33 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $54.89 |
| Taxes, insurance & HOA | $311.75 | $311.75 | $311.75 |
| Total housing payment | $1,502.95 | $1,767.89 | $2,266.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,536
Closing costs & prepaids$11,115
Usable credit−$0
Total buyer cash needed$25,652
Earnest money paid−$0
Remaining funds due$25,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,242.32
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)$398.25
Initial HOA (3 months)$87.00
Prepaid interest, first (1 days)$21.37
Prepaid interest, second (1 days)$8.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.140%
Interest already paid$40,009Through Nov 2026
Assumption only · ends Jan 2052$111,278
Assumption + second · ends Jan 2052, second Dec 2056$180,656
New conventional · ends Dec 2056$417,725