Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $127,706
- Funds due
- $138,268
- Interest + MI left
- $84,328
- First ends
- Feb 2052
Assumption
Assumption + second
$2,214/mo
+$764/mo- Down payment
- $32,706
- Funds due
- $44,564
- Interest + MI left
- $264,509
- First ends
- Feb 2052
New loan
New conventional
$2,576/mo
+$1,126/mo- Down payment
- $32,706
- Funds due
- $41,279
- Interest + MI left
- $432,553
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,294 | $190,294 | $285,294 |
| Second mortgage | — | $95,000 | — |
| First P&I | $906.34 | $906.34 | $1,975.32 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $57.06 |
| Taxes, insurance & HOA | $543.17 | $543.17 | $543.17 |
| Total housing payment | $1,449.51 | $2,213.90 | $2,575.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,706
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$44,564
Earnest money paid−$0
Remaining funds due$44,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$951.47
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)$1,179.50
Prepaid interest, first (2 days)$32.32
Prepaid interest, second (2 days)$46.85
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$29,705Through Nov 2026
Assumption only · ends Feb 2052$84,328
Assumption + second · ends Feb 2052, second Dec 2056$264,509
New conventional · ends Dec 2056$432,553