Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $54,579
- Funds due
- $66,643
- Interest + MI left
- $152,071
- First ends
- Feb 2052
Assumption
Assumption + second
$2,480/mo
+$346/mo- Down payment
- $20,579
- Funds due
- $33,938
- Interest + MI left
- $242,796
- First ends
- Feb 2052
New loan
New conventional
$3,111/mo
+$977/mo- Down payment
- $20,579
- Funds due
- $30,101
- Interest + MI left
- $548,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,421 | $344,421 | $378,421 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,644.01 | $1,644.01 | $2,545.66 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $75.68 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $2,133.18 | $2,479.64 | $3,110.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,579
Closing costs & prepaids$13,359
Usable credit−$0
Total buyer cash needed$33,938
Earnest money paid−$0
Remaining funds due$33,938
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%)$1,722.11
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)$1,017.50
Prepaid interest, first (4 days)$117.01
Prepaid interest, second (4 days)$44.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$54,774Through Dec 2026
Assumption only · ends Feb 2052$152,071
Assumption + second · ends Feb 2052, second Jan 2057$242,796
New conventional · ends Jan 2057$548,765