Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $129,388
- Funds due
- $141,508
- Interest + MI left
- $138,516
- First ends
- Jan 2052
Assumption
Assumption + second
$2,564/mo
+$676/mo- Down payment
- $45,388
- Funds due
- $58,883
- Interest + MI left
- $297,834
- First ends
- Jan 2052
New loan
New conventional
$3,185/mo
+$1,297/mo- Down payment
- $45,388
- Funds due
- $54,976
- Interest + MI left
- $591,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,612 | $320,612 | $404,612 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,525.34 | $1,525.34 | $2,740.98 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $80.92 |
| Taxes, insurance & HOA | $363.00 | $363.00 | $363.00 |
| Total housing payment | $1,888.34 | $2,564.23 | $3,184.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,388
Closing costs & prepaids$13,495
Usable credit−$0
Total buyer cash needed$58,883
Earnest money paid−$0
Remaining funds due$58,883
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,603.06
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)$540.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$160.75
Prepaid interest, second (6 days)$124.27
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 3.05%
Interest already paid$51,116Through Dec 2026
Assumption only · ends Jan 2052$138,516
Assumption + second · ends Jan 2052, second Jan 2057$297,834
New conventional · ends Jan 2057$591,610