Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $85,660
- Funds due
- $98,475
- Interest + MI left
- $143,850
- First ends
- Jan 2052
Assumption
Assumption + second
$2,653/mo
+$354/mo- Down payment
- $41,660
- Funds due
- $55,747
- Interest + MI left
- $227,302
- First ends
- Jan 2052
New loan
New conventional
$3,392/mo
+$1,093/mo- Down payment
- $41,660
- Funds due
- $51,716
- Interest + MI left
- $566,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,340 | $329,340 | $373,340 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,566.86 | $1,566.86 | $2,584.93 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $74.67 |
| Taxes, insurance & HOA | $731.92 | $731.92 | $731.92 |
| Total housing payment | $2,298.77 | $2,652.81 | $3,391.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,660
Closing costs & prepaids$14,088
Usable credit−$0
Total buyer cash needed$55,747
Earnest money paid−$0
Remaining funds due$55,747
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,646.70
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)$995.75
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$55.40
Prepaid interest, second (2 days)$21.70
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 2 moOf the original 30-year loan at 3.070%
Interest already paid$51,883Through Nov 2026
Assumption only · ends Jan 2052$143,850
Assumption + second · ends Jan 2052, second Dec 2056$227,302
New conventional · ends Dec 2056$566,195