Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $55,440
- Funds due
- $66,694
- Interest + MI left
- $102,076
- First ends
- Jan 2052
Assumption
Assumption + second
$2,093/mo
+$209/mo- Down payment
- $29,440
- Funds due
- $41,982
- Interest + MI left
- $151,389
- First ends
- Jan 2052
New loan
New conventional
$2,582/mo
+$699/mo- Down payment
- $29,440
- Funds due
- $38,623
- Interest + MI left
- $380,930
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,560 | $234,560 | $260,560 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,118.39 | $1,118.39 | $1,765.12 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $52.11 |
| Taxes, insurance & HOA | $765.00 | $765.00 | $765.00 |
| Total housing payment | $1,883.39 | $2,092.60 | $2,582.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,440
Closing costs & prepaids$12,543
Usable credit−$0
Total buyer cash needed$41,982
Earnest money paid−$0
Remaining funds due$41,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,172.80
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)$348.00
Initial HOA (3 months)$1,497.00
Prepaid interest, first (6 days)$118.37
Prepaid interest, second (6 days)$38.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 3.07%
Interest already paid$37,635Through Dec 2026
Assumption only · ends Jan 2052$102,076
Assumption + second · ends Jan 2052, second Jan 2057$151,389
New conventional · ends Jan 2057$380,930