Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $236,681
- Funds due
- $248,341
- Interest + MI left
- $70,573
- First ends
- Jan 2052
Assumption
Assumption + second
$2,783/mo
+$1,409/mo- Down payment
- $44,681
- Funds due
- $57,844
- Interest + MI left
- $385,751
- First ends
- Jan 2052
New loan
New conventional
$3,221/mo
+$1,847/mo- Down payment
- $44,681
- Funds due
- $54,468
- Interest + MI left
- $577,943
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,319 | $203,319 | $395,319 |
| Second mortgage | — | $192,000 | — |
| First P&I | $909.94 | $909.94 | $2,678.03 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $79.06 |
| Taxes, insurance & HOA | $464.00 | $464.00 | $464.00 |
| Total housing payment | $1,373.94 | $2,782.77 | $3,221.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,681
Closing costs & prepaids$13,163
Usable credit−$0
Total buyer cash needed$57,844
Earnest money paid−$0
Remaining funds due$57,844
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,016.59
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)$528.00
Initial HOA (3 months)$414.00
Prepaid interest, first (6 days)$83.56
Prepaid interest, second (6 days)$252.49
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 2.5%
Interest already paid$26,711Through Dec 2026
Assumption only · ends Jan 2052$70,573
Assumption + second · ends Jan 2052, second Jan 2057$385,751
New conventional · ends Jan 2057$577,943