Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$624/mo
Lowest payment- Down payment
- $115,478
- Funds due
- $123,342
- Interest + MI left
- $37,593
- First ends
- Mar 2052
Assumption
Assumption + second
$1,388/mo
+$764/mo- Down payment
- $20,478
- Funds due
- $29,616
- Interest + MI left
- $217,774
- First ends
- Mar 2052
New loan
New conventional
$1,501/mo
+$877/mo- Down payment
- $20,478
- Funds due
- $26,951
- Interest + MI left
- $272,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,522 | $84,522 | $179,522 |
| Second mortgage | — | $95,000 | — |
| First P&I | $401.69 | $401.69 | $1,242.97 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $35.90 |
| Taxes, insurance & HOA | $222.25 | $222.25 | $222.25 |
| Total housing payment | $623.94 | $1,388.34 | $1,501.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,478
Closing costs & prepaids$9,138
Usable credit−$0
Total buyer cash needed$29,616
Earnest money paid−$0
Remaining funds due$29,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$422.61
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)$89.25
Initial HOA (3 months)$127.50
Prepaid interest, first (1 days)$7.18
Prepaid interest, second (1 days)$23.42
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 3.100%
Interest already paid$12,947Through Nov 2026
Assumption only · ends Mar 2052$37,593
Assumption + second · ends Mar 2052, second Dec 2056$217,774
New conventional · ends Dec 2056$272,221