Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,330/mo
Lowest payment- Down payment
- $108,998
- Funds due
- $119,017
- Interest + MI left
- $97,228
- First ends
- Jan 2052
Assumption
Assumption + second
$1,933/mo
+$603/mo- Down payment
- $33,998
- Funds due
- $45,286
- Interest + MI left
- $239,477
- First ends
- Jan 2052
New loan
New conventional
$2,384/mo
+$1,055/mo- Down payment
- $33,998
- Funds due
- $41,821
- Interest + MI left
- $448,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,002 | $221,002 | $296,002 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,053.74 | $1,053.74 | $2,049.46 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $59.20 |
| Taxes, insurance & HOA | $275.83 | $275.83 | $275.83 |
| Total housing payment | $1,329.58 | $1,933.04 | $2,384.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,998
Closing costs & prepaids$11,288
Usable credit−$0
Total buyer cash needed$45,286
Earnest money paid−$0
Remaining funds due$45,286
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,105.01
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)$377.50
Prepaid interest, first (1 days)$18.71
Prepaid interest, second (1 days)$18.49
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 3.090%
Interest already paid$35,036Through Nov 2026
Assumption only · ends Jan 2052$97,228
Assumption + second · ends Jan 2052, second Dec 2056$239,477
New conventional · ends Dec 2056$448,789