Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $172,149
- Funds due
- $184,956
- Interest + MI left
- $127,912
- First ends
- Jan 2052
Assumption
Assumption + second
$2,869/mo
+$917/mo- Down payment
- $47,149
- Funds due
- $61,261
- Interest + MI left
- $333,106
- First ends
- Jan 2052
New loan
New conventional
$3,535/mo
+$1,583/mo- Down payment
- $47,149
- Funds due
- $57,347
- Interest + MI left
- $633,616
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,851 | $292,851 | $417,851 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,393.25 | $1,393.25 | $2,893.12 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $83.57 |
| Taxes, insurance & HOA | $558.50 | $558.50 | $558.50 |
| Total housing payment | $1,951.75 | $2,868.96 | $3,535.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,149
Closing costs & prepaids$14,112
Usable credit−$0
Total buyer cash needed$61,261
Earnest money paid−$0
Remaining funds due$61,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,464.25
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$710.50
Initial HOA (3 months)$465.00
Prepaid interest, first (2 days)$49.26
Prepaid interest, second (2 days)$54.79
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 3.070%
Interest already paid$46,135Through Nov 2026
Assumption only · ends Jan 2052$127,912
Assumption + second · ends Jan 2052, second Dec 2056$333,106
New conventional · ends Dec 2056$633,616