Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $64,734
- Funds due
- $74,213
- Interest + MI left
- $55,506
- First ends
- Feb 2052
Assumption
Assumption + second
$1,671/mo
+$362/mo- Down payment
- $19,734
- Funds due
- $30,519
- Interest + MI left
- $140,855
- First ends
- Feb 2052
New loan
New conventional
$1,898/mo
+$589/mo- Down payment
- $19,734
- Funds due
- $27,711
- Interest + MI left
- $248,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,266 | $125,266 | $170,266 |
| Second mortgage | — | $45,000 | — |
| First P&I | $598.58 | $598.58 | $1,153.44 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $34.05 |
| Taxes, insurance & HOA | $710.50 | $710.50 | $710.50 |
| Total housing payment | $1,309.08 | $1,671.16 | $1,897.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,734
Closing costs & prepaids$10,785
Usable credit−$0
Total buyer cash needed$30,519
Earnest money paid−$0
Remaining funds due$30,519
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$626.33
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)$484.50
Initial HOA (3 months)$1,197.00
Prepaid interest, first (5 days)$53.37
Prepaid interest, second (5 days)$55.48
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 2 moOf the original 30-year loan at 3.11%
Interest already paid$19,984Through Dec 2026
Assumption only · ends Feb 2052$55,506
Assumption + second · ends Feb 2052, second Jan 2057$140,855
New conventional · ends Jan 2057$248,889