Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $70,067
- Funds due
- $80,278
- Interest + MI left
- $101,885
- First ends
- Feb 2052
Assumption
Assumption + second
$1,826/mo
+$322/mo- Down payment
- $30,067
- Funds due
- $41,568
- Interest + MI left
- $177,750
- First ends
- Feb 2052
New loan
New conventional
$2,275/mo
+$771/mo- Down payment
- $30,067
- Funds due
- $38,167
- Interest + MI left
- $390,036
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,932 | $229,932 | $269,932 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,098.73 | $1,098.73 | $1,815.85 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $53.99 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,503.73 | $1,825.58 | $2,274.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,067
Closing costs & prepaids$11,500
Usable credit−$0
Total buyer cash needed$41,568
Earnest money paid−$0
Remaining funds due$41,568
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,149.66
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)$765.00
Prepaid interest, first (4 days)$78.37
Prepaid interest, second (4 days)$39.45
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 3.11%
Interest already paid$36,681Through Dec 2026
Assumption only · ends Feb 2052$101,885
Assumption + second · ends Feb 2052, second Jan 2057$177,750
New conventional · ends Jan 2057$390,036