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
- $68,781
- Funds due
- $80,287
- Interest + MI left
- $144,745
- First ends
- Jan 2052
Assumption
Assumption + second
$2,113/mo
+$225/mo- Down payment
- $40,781
- Funds due
- $53,578
- Interest + MI left
- $197,851
- First ends
- Jan 2052
New loan
New conventional
$2,808/mo
+$920/mo- Down payment
- $40,781
- Funds due
- $49,690
- Interest + MI left
- $523,704
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,219 | $330,219 | $358,219 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,577.95 | $1,577.95 | $2,426.70 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $71.64 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,887.54 | $2,112.83 | $2,807.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,781
Closing costs & prepaids$12,797
Usable credit−$0
Total buyer cash needed$53,578
Earnest money paid−$0
Remaining funds due$53,578
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,651.09
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)$478.75
Prepaid interest, first (6 days)$167.73
Prepaid interest, second (6 days)$41.42
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 3.09%
Interest already paid$53,318Through Dec 2026
Assumption only · ends Jan 2052$144,745
Assumption + second · ends Jan 2052, second Jan 2057$197,851
New conventional · ends Jan 2057$523,704