Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,990/mo
Lowest payment- Down payment
- $152,907
- Funds due
- $165,690
- Interest + MI left
- $148,336
- First ends
- Jan 2052
Assumption
Assumption + second
$2,746/mo
+$756/mo- Down payment
- $49,907
- Funds due
- $63,986
- Interest + MI left
- $317,415
- First ends
- Jan 2052
New loan
New conventional
$3,537/mo
+$1,547/mo- Down payment
- $49,907
- Funds due
- $59,811
- Interest + MI left
- $674,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,083 | $342,083 | $445,083 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,623.90 | $1,623.90 | $3,081.66 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $89.02 |
| Taxes, insurance & HOA | $365.92 | $365.92 | $365.92 |
| Total housing payment | $1,989.82 | $2,745.60 | $3,536.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,907
Closing costs & prepaids$14,078
Usable credit−$0
Total buyer cash needed$63,986
Earnest money paid−$0
Remaining funds due$63,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,949.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,710.41
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)$402.75
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$57.17
Prepaid interest, second (2 days)$45.15
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$53,549Through Nov 2026
Assumption only · ends Jan 2052$148,336
Assumption + second · ends Jan 2052, second Dec 2056$317,415
New conventional · ends Dec 2056$674,998