Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,369/mo
Lowest payment- Down payment
- $38,501
- Funds due
- $47,941
- Interest + MI left
- $85,207
- First ends
- Jan 2052
Assumption
Assumption + second
$1,633/mo
+$265/mo- Down payment
- $12,501
- Funds due
- $23,208
- Interest + MI left
- $154,585
- First ends
- Jan 2052
New loan
New conventional
$2,021/mo
+$652/mo- Down payment
- $12,501
- Funds due
- $20,098
- Interest + MI left
- $338,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,499 | $196,499 | $222,499 |
| Second mortgage | — | $26,000 | — |
| First P&I | $932.80 | $932.80 | $1,540.54 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $44.50 |
| Taxes, insurance & HOA | $435.75 | $435.75 | $435.75 |
| Total housing payment | $1,368.55 | $1,633.49 | $2,020.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,501
Closing costs & prepaids$10,708
Usable credit−$0
Total buyer cash needed$23,208
Earnest money paid−$0
Remaining funds due$23,208
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$982.50
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)$92.25
Initial HOA (3 months)$765.00
Prepaid interest, first (2 days)$32.84
Prepaid interest, second (2 days)$16.92
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 3.050%
Interest already paid$30,760Through Nov 2026
Assumption only · ends Jan 2052$85,207
Assumption + second · ends Jan 2052, second Dec 2056$154,585
New conventional · ends Dec 2056$338,547