Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,252/mo
Lowest payment- Down payment
- $52,684
- Funds due
- $64,976
- Interest + MI left
- $201,316
- First ends
- May 2052
Assumption
Assumption + second
$2,558/mo
+$306/mo- Down payment
- $22,684
- Funds due
- $36,285
- Interest + MI left
- $281,368
- First ends
- May 2052
New loan
New conventional
$3,229/mo
+$977/mo- Down payment
- $22,684
- Funds due
- $32,290
- Interest + MI left
- $610,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,316 | $386,316 | $416,316 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,926.66 | $1,926.66 | $2,820.27 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $83.26 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $2,252.24 | $2,557.94 | $3,229.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,684
Closing costs & prepaids$13,601
Usable credit−$0
Total buyer cash needed$36,285
Earnest money paid−$0
Remaining funds due$36,285
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%)$1,931.58
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)$226.07
Prepaid interest, second (6 days)$58.56
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 3.56%
Interest already paid$66,408Through Dec 2026
Assumption only · ends May 2052$201,316
Assumption + second · ends May 2052, second Jan 2057$281,368
New conventional · ends Jan 2057$610,888