Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $145,872
- Funds due
- $155,559
- Interest + MI left
- $57,192
- First ends
- Mar 2052
Assumption
Assumption + second
$1,985/mo
+$866/mo- Down payment
- $27,872
- Funds due
- $38,835
- Interest + MI left
- $250,895
- First ends
- Mar 2052
New loan
New conventional
$2,263/mo
+$1,144/mo- Down payment
- $27,872
- Funds due
- $35,886
- Interest + MI left
- $373,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,128 | $128,128 | $246,128 |
| Second mortgage | — | $118,000 | — |
| First P&I | $609.61 | $609.61 | $1,704.14 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $49.23 |
| Taxes, insurance & HOA | $509.42 | $509.42 | $509.42 |
| Total housing payment | $1,119.02 | $1,984.86 | $2,262.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,872
Closing costs & prepaids$10,964
Usable credit−$0
Total buyer cash needed$38,835
Earnest money paid−$0
Remaining funds due$38,835
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$640.64
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)$115.25
Initial HOA (3 months)$963.00
Prepaid interest, first (1 days)$10.92
Prepaid interest, second (1 days)$25.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.110%
Interest already paid$19,688Through Nov 2026
Assumption only · ends Mar 2052$57,192
Assumption + second · ends Mar 2052, second Dec 2056$250,895
New conventional · ends Dec 2056$373,220