Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $68,848
- Funds due
- $79,256
- Interest + MI left
- $128,202
- First ends
- Apr 2052
Assumption
Assumption + second
$1,938/mo
+$298/mo- Down payment
- $31,848
- Funds due
- $43,525
- Interest + MI left
- $198,378
- First ends
- Apr 2052
New loan
New conventional
$2,410/mo
+$770/mo- Down payment
- $31,848
- Funds due
- $40,005
- Interest + MI left
- $421,573
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,052 | $241,052 | $278,052 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,210.67 | $1,210.67 | $1,925.18 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $55.61 |
| Taxes, insurance & HOA | $429.50 | $429.50 | $429.50 |
| Total housing payment | $1,640.17 | $1,937.88 | $2,410.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,848
Closing costs & prepaids$11,677
Usable credit−$0
Total buyer cash needed$43,525
Earnest money paid−$0
Remaining funds due$43,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,205.26
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)$838.50
Prepaid interest, first (2 days)$47.88
Prepaid interest, second (2 days)$18.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.625%
Interest already paid$42,171Through Nov 2026
Assumption only · ends Apr 2052$128,202
Assumption + second · ends Apr 2052, second Dec 2056$198,378
New conventional · ends Dec 2056$421,573