Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,550/mo
Lowest payment- Down payment
- $71,393
- Funds due
- $81,482
- Interest + MI left
- $152,155
- First ends
- May 2052
Assumption
Assumption + second
$1,839/mo
+$290/mo- Down payment
- $35,393
- Funds due
- $46,741
- Interest + MI left
- $220,434
- First ends
- May 2052
New loan
New conventional
$2,363/mo
+$814/mo- Down payment
- $35,393
- Funds due
- $43,001
- Interest + MI left
- $469,264
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,507 | $273,507 | $309,507 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,391.05 | $1,391.05 | $2,142.96 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $61.90 |
| Taxes, insurance & HOA | $158.50 | $158.50 | $158.50 |
| Total housing payment | $1,549.55 | $1,839.21 | $2,363.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,393
Closing costs & prepaids$11,347
Usable credit−$0
Total buyer cash needed$46,741
Earnest money paid−$0
Remaining funds due$46,741
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,367.53
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)$25.50
Prepaid interest, first (1 days)$28.17
Prepaid interest, second (1 days)$8.88
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$48,623Through Nov 2026
Assumption only · ends May 2052$152,155
Assumption + second · ends May 2052, second Dec 2056$220,434
New conventional · ends Dec 2056$469,264