Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,429/mo
Lowest payment- Down payment
- $89,247
- Funds due
- $99,526
- Interest + MI left
- $91,507
- First ends
- Feb 2052
Assumption
Assumption + second
$1,879/mo
+$451/mo- Down payment
- $33,247
- Funds due
- $44,803
- Interest + MI left
- $197,719
- First ends
- Feb 2052
New loan
New conventional
$2,427/mo
+$998/mo- Down payment
- $33,247
- Funds due
- $41,304
- Interest + MI left
- $442,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,753 | $235,753 | $291,753 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,080.07 | $1,080.07 | $2,020.04 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $58.35 |
| Taxes, insurance & HOA | $348.83 | $348.83 | $348.83 |
| Total housing payment | $1,428.90 | $1,879.49 | $2,427.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,247
Closing costs & prepaids$11,556
Usable credit−$0
Total buyer cash needed$44,803
Earnest money paid−$0
Remaining funds due$44,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,178.77
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)$260.50
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$35.52
Prepaid interest, second (2 days)$27.62
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 2.750%
Interest already paid$32,751Through Nov 2026
Assumption only · ends Feb 2052$91,507
Assumption + second · ends Feb 2052, second Dec 2056$197,719
New conventional · ends Dec 2056$442,405