Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,400/mo
Lowest payment- Down payment
- $123,998
- Funds due
- $134,359
- Interest + MI left
- $61,691
- First ends
- Mar 2052
Assumption
Assumption + second
$2,173/mo
+$772/mo- Down payment
- $27,998
- Funds due
- $39,633
- Interest + MI left
- $243,768
- First ends
- Mar 2052
New loan
New conventional
$2,441/mo
+$1,041/mo- Down payment
- $27,998
- Funds due
- $36,593
- Interest + MI left
- $366,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,002 | $146,002 | $242,002 |
| Second mortgage | — | $96,000 | — |
| First P&I | $683.20 | $683.20 | $1,675.57 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $48.40 |
| Taxes, insurance & HOA | $717.08 | $717.08 | $717.08 |
| Total housing payment | $1,400.28 | $2,172.72 | $2,441.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,998
Closing costs & prepaids$11,635
Usable credit−$0
Total buyer cash needed$39,633
Earnest money paid−$0
Remaining funds due$39,633
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$730.01
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)$1,701.25
Prepaid interest, first (1 days)$11.84
Prepaid interest, second (1 days)$23.67
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 4 moOf the original 30-year loan at 2.960%
Interest already paid$21,381Through Nov 2026
Assumption only · ends Mar 2052$61,691
Assumption + second · ends Mar 2052, second Dec 2056$243,768
New conventional · ends Dec 2056$366,916