Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,717/mo
Lowest payment- Down payment
- $148,514
- Funds due
- $160,175
- Interest + MI left
- $129,171
- First ends
- Feb 2052
Assumption
Assumption + second
$2,480/mo
+$763/mo- Down payment
- $44,514
- Funds due
- $57,471
- Interest + MI left
- $299,892
- First ends
- Feb 2052
New loan
New conventional
$3,146/mo
+$1,429/mo- Down payment
- $44,514
- Funds due
- $53,591
- Interest + MI left
- $599,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,486 | $291,486 | $395,486 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,388.31 | $1,388.31 | $2,738.27 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $79.10 |
| Taxes, insurance & HOA | $328.83 | $328.83 | $328.83 |
| Total housing payment | $1,717.14 | $2,480.26 | $3,146.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,514
Closing costs & prepaids$12,957
Usable credit−$0
Total buyer cash needed$57,471
Earnest money paid−$0
Remaining funds due$57,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.43
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)$350.50
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$49.51
Prepaid interest, second (2 days)$45.59
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 3.100%
Interest already paid$45,502Through Nov 2026
Assumption only · ends Feb 2052$129,171
Assumption + second · ends Feb 2052, second Dec 2056$299,892
New conventional · ends Dec 2056$599,702