Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $195,701
- Funds due
- $206,342
- Interest + MI left
- $57,298
- First ends
- Feb 2052
Assumption
Assumption + second
$2,463/mo
+$1,196/mo- Down payment
- $32,701
- Funds due
- $44,664
- Interest + MI left
- $324,871
- First ends
- Feb 2052
New loan
New conventional
$2,734/mo
+$1,466/mo- Down payment
- $32,701
- Funds due
- $41,672
- Interest + MI left
- $443,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $129,298 | $129,298 | $292,298 |
| Second mortgage | — | $163,000 | — |
| First P&I | $615.83 | $615.83 | $2,023.81 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $58.46 |
| Taxes, insurance & HOA | $651.50 | $651.50 | $651.50 |
| Total housing payment | $1,267.33 | $2,463.36 | $2,733.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,701
Closing costs & prepaids$11,962
Usable credit−$0
Total buyer cash needed$44,664
Earnest money paid−$0
Remaining funds due$44,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$646.49
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)$1,504.50
Prepaid interest, first (2 days)$21.96
Prepaid interest, second (2 days)$71.45
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$20,184Through Nov 2026
Assumption only · ends Feb 2052$57,298
Assumption + second · ends Feb 2052, second Dec 2056$324,871
New conventional · ends Dec 2056$443,290