Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $75,702
- Funds due
- $86,500
- Interest + MI left
- $113,257
- First ends
- Jan 2052
Assumption
Assumption + second
$2,018/mo
+$338/mo- Down payment
- $33,702
- Funds due
- $45,771
- Interest + MI left
- $192,916
- First ends
- Jan 2052
New loan
New conventional
$2,593/mo
+$913/mo- Down payment
- $33,702
- Funds due
- $42,152
- Interest + MI left
- $456,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,298 | $259,298 | $301,298 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,233.63 | $1,233.63 | $2,086.13 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $60.26 |
| Taxes, insurance & HOA | $446.75 | $446.75 | $446.75 |
| Total housing payment | $1,680.38 | $2,018.32 | $2,593.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,702
Closing costs & prepaids$12,069
Usable credit−$0
Total buyer cash needed$45,771
Earnest money paid−$0
Remaining funds due$45,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,296.49
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)$396.25
Initial HOA (3 months)$494.01
Prepaid interest, first (2 days)$43.62
Prepaid interest, second (2 days)$20.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.070%
Interest already paid$40,849Through Nov 2026
Assumption only · ends Jan 2052$113,257
Assumption + second · ends Jan 2052, second Dec 2056$192,916
New conventional · ends Dec 2056$456,939