Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,231/mo
Lowest payment- Down payment
- $52,306
- Funds due
- $61,397
- Interest + MI left
- $69,282
- First ends
- Jan 2052
Assumption
Assumption + second
$1,480/mo
+$249/mo- Down payment
- $21,306
- Funds due
- $31,655
- Interest + MI left
- $128,078
- First ends
- Jan 2052
New loan
New conventional
$1,812/mo
+$581/mo- Down payment
- $21,306
- Funds due
- $28,642
- Interest + MI left
- $281,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,694 | $154,694 | $185,694 |
| Second mortgage | — | $31,000 | — |
| First P&I | $741.64 | $741.64 | $1,285.71 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $37.14 |
| Taxes, insurance & HOA | $488.92 | $488.92 | $488.92 |
| Total housing payment | $1,230.56 | $1,479.99 | $1,811.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,306
Closing costs & prepaids$10,349
Usable credit−$0
Total buyer cash needed$31,655
Earnest money paid−$0
Remaining funds due$31,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$773.47
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)$134.75
Initial HOA (3 months)$882.00
Prepaid interest, first (1 days)$13.31
Prepaid interest, second (1 days)$7.64
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$24,910Through Nov 2026
Assumption only · ends Jan 2052$69,282
Assumption + second · ends Jan 2052, second Dec 2056$128,078
New conventional · ends Dec 2056$281,543