Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $60,001
- Funds due
- $70,874
- Interest + MI left
- $130,564
- First ends
- Feb 2052
Assumption
Assumption + second
$2,167/mo
+$428/mo- Down payment
- $18,001
- Funds due
- $30,151
- Interest + MI left
- $242,637
- First ends
- Feb 2052
New loan
New conventional
$2,754/mo
+$1,015/mo- Down payment
- $18,001
- Funds due
- $26,489
- Interest + MI left
- $520,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,999 | $299,999 | $341,999 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,421.00 | $1,421.00 | $2,367.93 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | — | — | $68.40 |
| Taxes, insurance & HOA | $318.17 | $318.17 | $318.17 |
| Total housing payment | $1,739.17 | $2,167.15 | $2,754.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,001
Closing costs & prepaids$12,150
Usable credit−$0
Total buyer cash needed$30,151
Earnest money paid−$0
Remaining funds due$30,151
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,499.99
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)$312.50
Initial HOA (3 months)$192.00
Prepaid interest, first (2 days)$50.14
Prepaid interest, second (2 days)$27.33
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 3.050%
Interest already paid$46,096Through Nov 2026
Assumption only · ends Feb 2052$130,564
Assumption + second · ends Feb 2052, second Dec 2056$242,637
New conventional · ends Dec 2056$520,511