Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,662/mo
Lowest payment- Down payment
- $103,809
- Funds due
- $114,484
- Interest + MI left
- $153,161
- First ends
- Apr 2052
Assumption
Assumption + second
$2,201/mo
+$539/mo- Down payment
- $36,809
- Funds due
- $48,750
- Interest + MI left
- $280,236
- First ends
- Apr 2052
New loan
New conventional
$2,651/mo
+$989/mo- Down payment
- $36,809
- Funds due
- $45,043
- Interest + MI left
- $501,363
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,591 | $263,591 | $330,591 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,366.40 | $1,366.40 | $2,288.95 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $66.12 |
| Taxes, insurance & HOA | $295.50 | $295.50 | $295.50 |
| Total housing payment | $1,661.90 | $2,201.00 | $2,650.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,809
Closing costs & prepaids$11,941
Usable credit−$0
Total buyer cash needed$48,750
Earnest money paid−$0
Remaining funds due$48,750
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,674.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,317.96
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)$436.50
Prepaid interest, first (1 days)$28.31
Prepaid interest, second (1 days)$16.52
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 5 moOf the original 30-year loan at 3.920%
Interest already paid$49,750Through Nov 2026
Assumption only · ends Apr 2052$153,161
Assumption + second · ends Apr 2052, second Dec 2056$280,236
New conventional · ends Dec 2056$501,363