Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $145,075
- Funds due
- $157,117
- Interest + MI left
- $111,128
- First ends
- Jan 2052
Assumption
Assumption + second
$2,643/mo
+$770/mo- Down payment
- $40,075
- Funds due
- $53,390
- Interest + MI left
- $283,491
- First ends
- Jan 2052
New loan
New conventional
$3,223/mo
+$1,350/mo- Down payment
- $40,075
- Funds due
- $49,703
- Interest + MI left
- $545,092
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,425 | $254,425 | $359,425 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,210.44 | $1,210.44 | $2,488.59 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $71.89 |
| Taxes, insurance & HOA | $662.08 | $662.08 | $662.08 |
| Total housing payment | $1,872.53 | $2,642.98 | $3,222.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,075
Closing costs & prepaids$13,316
Usable credit−$0
Total buyer cash needed$53,390
Earnest money paid−$0
Remaining funds due$53,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,272.13
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)$414.25
Initial HOA (3 months)$1,122.00
Prepaid interest, first (1 days)$21.40
Prepaid interest, second (1 days)$23.01
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 3.070%
Interest already paid$40,081Through Nov 2026
Assumption only · ends Jan 2052$111,128
Assumption + second · ends Jan 2052, second Dec 2056$283,491
New conventional · ends Dec 2056$545,092