Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $103,912
- Funds due
- $115,128
- Interest + MI left
- $87,453
- First ends
- Jan 2052
Assumption
Assumption + second
$2,324/mo
+$587/mo- Down payment
- $30,912
- Funds due
- $43,468
- Interest + MI left
- $225,908
- First ends
- Jan 2052
New loan
New conventional
$2,671/mo
+$934/mo- Down payment
- $30,912
- Funds due
- $40,226
- Interest + MI left
- $393,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,988 | $195,988 | $268,988 |
| Second mortgage | — | $73,000 | — |
| First P&I | $941.66 | $941.66 | $1,822.22 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | — | — | $53.80 |
| Taxes, insurance & HOA | $794.92 | $794.92 | $794.92 |
| Total housing payment | $1,736.58 | $2,323.96 | $2,670.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,912
Closing costs & prepaids$12,556
Usable credit−$0
Total buyer cash needed$43,468
Earnest money paid−$0
Remaining funds due$43,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$979.94
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)$764.75
Initial HOA (3 months)$1,170.00
Prepaid interest, first (5 days)$84.30
Prepaid interest, second (5 days)$90.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.14%
Interest already paid$32,142Through Dec 2026
Assumption only · ends Jan 2052$87,453
Assumption + second · ends Jan 2052, second Jan 2057$225,908
New conventional · ends Jan 2057$393,251