Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,310/mo
Lowest payment- Down payment
- $88,702
- Funds due
- $101,656
- Interest + MI left
- $209,611
- First ends
- May 2052
Assumption
Assumption + second
$2,640/mo
+$330/mo- Down payment
- $47,702
- Funds due
- $61,967
- Interest + MI left
- $287,373
- First ends
- May 2052
New loan
New conventional
$3,337/mo
+$1,026/mo- Down payment
- $47,702
- Funds due
- $57,724
- Interest + MI left
- $624,780
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,298 | $386,298 | $427,298 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,953.80 | $1,953.80 | $2,894.67 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $85.46 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,310.47 | $2,640.36 | $3,336.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,702
Closing costs & prepaids$14,264
Usable credit−$0
Total buyer cash needed$61,967
Earnest money paid−$0
Remaining funds due$61,967
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,931.49
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$234.32
Prepaid interest, second (6 days)$60.66
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 3.69%
Interest already paid$68,757Through Dec 2026
Assumption only · ends May 2052$209,611
Assumption + second · ends May 2052, second Jan 2057$287,373
New conventional · ends Jan 2057$624,780