Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,786/mo
Lowest payment- Down payment
- $94,556
- Funds due
- $105,856
- Interest + MI left
- $98,474
- First ends
- Jan 2052
Assumption
Assumption + second
$2,285/mo
+$499/mo- Down payment
- $32,556
- Funds due
- $45,136
- Interest + MI left
- $216,065
- First ends
- Jan 2052
New loan
New conventional
$2,780/mo
+$994/mo- Down payment
- $32,556
- Funds due
- $41,665
- Interest + MI left
- $443,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,444 | $230,444 | $292,444 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,089.13 | $1,089.13 | $2,024.82 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $58.49 |
| Taxes, insurance & HOA | $697.08 | $697.08 | $697.08 |
| Total housing payment | $1,786.21 | $2,285.08 | $2,780.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,556
Closing costs & prepaids$12,580
Usable credit−$0
Total buyer cash needed$45,136
Earnest money paid−$0
Remaining funds due$45,136
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%)$1,152.22
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)$1,047.25
Initial HOA (3 months)$594.00
Prepaid interest, first (2 days)$38.01
Prepaid interest, second (2 days)$30.58
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 2 moOf the original 30-year loan at 3.010%
Interest already paid$35,613Through Nov 2026
Assumption only · ends Jan 2052$98,474
Assumption + second · ends Jan 2052, second Dec 2056$216,065
New conventional · ends Dec 2056$443,511