Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,594/mo
Lowest payment- Down payment
- $97,331
- Funds due
- $110,987
- Interest + MI left
- $245,983
- First ends
- May 2052
Assumption
Assumption + second
$2,940/mo
+$346/mo- Down payment
- $54,331
- Funds due
- $69,248
- Interest + MI left
- $327,539
- First ends
- May 2052
New loan
New conventional
$3,802/mo
+$1,207/mo- Down payment
- $54,331
- Funds due
- $64,493
- Interest + MI left
- $735,791
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,169 | $442,169 | $485,169 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,248.86 | $2,248.86 | $3,359.21 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $97.03 |
| Taxes, insurance & HOA | $345.58 | $345.58 | $345.58 |
| Total housing payment | $2,594.45 | $2,940.43 | $3,801.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,331
Closing costs & prepaids$14,917
Usable credit−$0
Total buyer cash needed$69,248
Earnest money paid−$0
Remaining funds due$69,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,395.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,210.84
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)$536.75
Prepaid interest, first (1 days)$45.55
Prepaid interest, second (1 days)$10.60
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$78,608Through Nov 2026
Assumption only · ends May 2052$245,983
Assumption + second · ends May 2052, second Dec 2056$327,539
New conventional · ends Dec 2056$735,791