Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,545/mo
Lowest payment- Down payment
- $107,813
- Funds due
- $118,677
- Interest + MI left
- $106,882
- First ends
- Mar 2052
Assumption
Assumption + second
$2,100/mo
+$555/mo- Down payment
- $38,813
- Funds due
- $50,961
- Interest + MI left
- $237,750
- First ends
- Mar 2052
New loan
New conventional
$2,729/mo
+$1,184/mo- Down payment
- $38,813
- Funds due
- $47,232
- Interest + MI left
- $517,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,187 | $272,187 | $341,187 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,246.94 | $1,246.94 | $2,362.31 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $68.24 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,544.94 | $2,100.13 | $2,728.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,813
Closing costs & prepaids$12,148
Usable credit−$0
Total buyer cash needed$50,961
Earnest money paid−$0
Remaining funds due$50,961
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,360.94
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)$397.00
Initial HOA (3 months)$47.01
Prepaid interest, first (2 days)$41.31
Prepaid interest, second (2 days)$34.03
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 4 moOf the original 30-year loan at 2.770%
Interest already paid$37,365Through Nov 2026
Assumption only · ends Mar 2052$106,882
Assumption + second · ends Mar 2052, second Dec 2056$237,750
New conventional · ends Dec 2056$517,365