Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $101,707
- Funds due
- $112,641
- Interest + MI left
- $125,540
- First ends
- Feb 2052
Assumption
Assumption + second
$2,140/mo
+$507/mo- Down payment
- $38,707
- Funds due
- $50,922
- Interest + MI left
- $245,029
- First ends
- Feb 2052
New loan
New conventional
$2,751/mo
+$1,118/mo- Down payment
- $38,707
- Funds due
- $47,137
- Interest + MI left
- $525,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,293 | $283,293 | $346,293 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,349.29 | $1,349.29 | $2,397.66 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $69.26 |
| Taxes, insurance & HOA | $283.83 | $283.83 | $283.83 |
| Total housing payment | $1,633.12 | $2,140.03 | $2,750.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,707
Closing costs & prepaids$12,215
Usable credit−$0
Total buyer cash needed$50,922
Earnest money paid−$0
Remaining funds due$50,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,416.47
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)$248.50
Initial HOA (3 months)$153.00
Prepaid interest, first (2 days)$48.12
Prepaid interest, second (2 days)$31.07
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$44,223Through Nov 2026
Assumption only · ends Feb 2052$125,540
Assumption + second · ends Feb 2052, second Dec 2056$245,029
New conventional · ends Dec 2056$525,177