Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $137,358
- Funds due
- $149,435
- Interest + MI left
- $138,103
- First ends
- Feb 2052
Assumption
Assumption + second
$2,636/mo
+$740/mo- Down payment
- $45,358
- Funds due
- $58,708
- Interest + MI left
- $312,594
- First ends
- Feb 2052
New loan
New conventional
$3,287/mo
+$1,391/mo- Down payment
- $45,358
- Funds due
- $54,686
- Interest + MI left
- $612,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,642 | $311,642 | $403,642 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,484.31 | $1,484.31 | $2,794.74 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $80.73 |
| Taxes, insurance & HOA | $411.67 | $411.67 | $411.67 |
| Total housing payment | $1,895.98 | $2,636.23 | $3,287.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,358
Closing costs & prepaids$13,350
Usable credit−$0
Total buyer cash needed$58,708
Earnest money paid−$0
Remaining funds due$58,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,558.21
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)$350.00
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$26.47
Prepaid interest, second (1 days)$22.68
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$48,648Through Nov 2026
Assumption only · ends Feb 2052$138,103
Assumption + second · ends Feb 2052, second Dec 2056$312,594
New conventional · ends Dec 2056$612,070