Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,145/mo
Lowest payment- Down payment
- $93,255
- Funds due
- $105,762
- Interest + MI left
- $128,371
- First ends
- Feb 2052
Assumption
Assumption + second
$2,580/mo
+$434/mo- Down payment
- $39,255
- Funds due
- $53,105
- Interest + MI left
- $230,790
- First ends
- Feb 2052
New loan
New conventional
$3,162/mo
+$1,017/mo- Down payment
- $39,255
- Funds due
- $49,425
- Interest + MI left
- $504,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,745 | $290,745 | $344,745 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,387.80 | $1,387.80 | $2,335.42 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $68.95 |
| Taxes, insurance & HOA | $757.58 | $757.58 | $757.58 |
| Total housing payment | $2,145.39 | $2,579.88 | $3,161.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,255
Closing costs & prepaids$13,851
Usable credit−$0
Total buyer cash needed$53,105
Earnest money paid−$0
Remaining funds due$53,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,840.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,453.73
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)$460.75
Initial HOA (3 months)$1,362.00
Prepaid interest, first (7 days)$172.85
Prepaid interest, second (7 days)$93.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.1%
Interest already paid$46,238Through Dec 2026
Assumption only · ends Feb 2052$128,371
Assumption + second · ends Feb 2052, second Jan 2057$230,790
New conventional · ends Jan 2057$504,005