Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $132,214
- Funds due
- $142,996
- Interest + MI left
- $100,537
- First ends
- Feb 2052
Assumption
Assumption + second
$2,268/mo
+$772/mo- Down payment
- $36,214
- Funds due
- $48,293
- Interest + MI left
- $282,614
- First ends
- Feb 2052
New loan
New conventional
$2,718/mo
+$1,223/mo- Down payment
- $36,214
- Funds due
- $44,795
- Interest + MI left
- $490,892
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,686 | $227,686 | $323,686 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,083.24 | $1,083.24 | $2,241.14 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $64.74 |
| Taxes, insurance & HOA | $412.50 | $412.50 | $412.50 |
| Total housing payment | $1,495.74 | $2,268.18 | $2,718.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,214
Closing costs & prepaids$12,079
Usable credit−$0
Total buyer cash needed$48,293
Earnest money paid−$0
Remaining funds due$48,293
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,138.43
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)$787.50
Prepaid interest, first (2 days)$38.55
Prepaid interest, second (2 days)$47.34
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 3.090%
Interest already paid$35,431Through Nov 2026
Assumption only · ends Feb 2052$100,537
Assumption + second · ends Feb 2052, second Dec 2056$282,614
New conventional · ends Dec 2056$490,892