Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,829/mo
Lowest payment- Down payment
- $48,453
- Funds due
- $59,502
- Interest + MI left
- $141,477
- First ends
- Mar 2052
Assumption
Assumption + second
$2,125/mo
+$296/mo- Down payment
- $19,453
- Funds due
- $31,770
- Interest + MI left
- $218,860
- First ends
- Mar 2052
New loan
New conventional
$2,803/mo
+$974/mo- Down payment
- $19,453
- Funds due
- $27,994
- Interest + MI left
- $533,451
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,547 | $321,547 | $350,547 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,523.10 | $1,523.10 | $2,427.12 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $70.11 |
| Taxes, insurance & HOA | $306.25 | $306.25 | $306.25 |
| Total housing payment | $1,829.35 | $2,124.86 | $2,803.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,453
Closing costs & prepaids$12,317
Usable credit−$0
Total buyer cash needed$31,770
Earnest money paid−$0
Remaining funds due$31,770
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,607.73
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)$468.75
Prepaid interest, first (2 days)$54.09
Prepaid interest, second (2 days)$18.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.070%
Interest already paid$48,791Through Nov 2026
Assumption only · ends Mar 2052$141,477
Assumption + second · ends Mar 2052, second Dec 2056$218,860
New conventional · ends Dec 2056$533,451