Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $40,443
- Funds due
- $51,382
- Interest + MI left
- $111,767
- First ends
- Jan 2052
Assumption
Assumption + second
$2,118/mo
+$255/mo- Down payment
- $15,443
- Funds due
- $27,640
- Interest + MI left
- $178,477
- First ends
- Jan 2052
New loan
New conventional
$2,623/mo
+$759/mo- Down payment
- $15,443
- Funds due
- $24,220
- Interest + MI left
- $417,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,557 | $249,557 | $274,557 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,196.44 | $1,196.44 | $1,900.98 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $54.91 |
| Taxes, insurance & HOA | $667.00 | $667.00 | $667.00 |
| Total housing payment | $1,863.44 | $2,118.19 | $2,622.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,443
Closing costs & prepaids$12,196
Usable credit−$0
Total buyer cash needed$27,640
Earnest money paid−$0
Remaining funds due$27,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,247.78
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)$1,243.00
Initial HOA (3 months)$308.01
Prepaid interest, first (1 days)$21.47
Prepaid interest, second (1 days)$8.13
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$40,185Through Nov 2026
Assumption only · ends Jan 2052$111,767
Assumption + second · ends Jan 2052, second Dec 2056$178,477
New conventional · ends Dec 2056$417,757