Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,212/mo
Lowest payment- Down payment
- $41,752
- Funds due
- $50,628
- Interest + MI left
- $89,669
- First ends
- Apr 2052
Assumption
Assumption + second
$1,517/mo
+$306/mo- Down payment
- $11,752
- Funds due
- $21,888
- Interest + MI left
- $169,721
- First ends
- Apr 2052
New loan
New conventional
$1,817/mo
+$605/mo- Down payment
- $11,752
- Funds due
- $18,852
- Interest + MI left
- $316,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,248 | $178,248 | $208,248 |
| Second mortgage | — | $30,000 | — |
| First P&I | $878.41 | $878.41 | $1,441.87 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $41.65 |
| Taxes, insurance & HOA | $333.33 | $333.33 | $333.33 |
| Total housing payment | $1,211.75 | $1,517.45 | $1,816.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,752
Closing costs & prepaids$10,136
Usable credit−$0
Total buyer cash needed$21,888
Earnest money paid−$0
Remaining funds due$21,888
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$891.24
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)$550.00
Prepaid interest, first (1 days)$16.85
Prepaid interest, second (1 days)$9.76
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 3.450%
Interest already paid$29,721Through Nov 2026
Assumption only · ends Apr 2052$89,669
Assumption + second · ends Apr 2052, second Dec 2056$169,721
New conventional · ends Dec 2056$316,863