Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $59,163
- Funds due
- $71,355
- Interest + MI left
- $136,098
- First ends
- May 2052
Assumption
Assumption + second
$2,394/mo
+$377/mo- Down payment
- $22,163
- Funds due
- $35,677
- Interest + MI left
- $234,829
- First ends
- May 2052
New loan
New conventional
$3,233/mo
+$1,216/mo- Down payment
- $22,163
- Funds due
- $31,775
- Interest + MI left
- $611,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,837 | $379,837 | $416,837 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,691.59 | $1,691.59 | $2,823.80 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $83.37 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $2,017.17 | $2,394.20 | $3,232.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,163
Closing costs & prepaids$13,515
Usable credit−$0
Total buyer cash needed$35,677
Earnest money paid−$0
Remaining funds due$35,677
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,899.19
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)$526.75
Prepaid interest, first (6 days)$158.60
Prepaid interest, second (6 days)$72.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 2.54%
Interest already paid$47,000Through Dec 2026
Assumption only · ends May 2052$136,098
Assumption + second · ends May 2052, second Jan 2057$234,829
New conventional · ends Jan 2057$611,736