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
- $96,309
- Funds due
- $106,908
- Interest + MI left
- $153,161
- First ends
- Apr 2052
Assumption
Assumption + second
$2,145/mo
+$483/mo- Down payment
- $36,309
- Funds due
- $48,173
- Interest + MI left
- $266,960
- First ends
- Apr 2052
New loan
New conventional
$2,601/mo
+$939/mo- Down payment
- $36,309
- Funds due
- $44,472
- Interest + MI left
- $490,748
- 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 | $323,591 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,366.40 | $1,366.40 | $2,240.48 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $64.72 |
| Taxes, insurance & HOA | $295.42 | $295.42 | $295.42 |
| Total housing payment | $1,661.82 | $2,144.59 | $2,600.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,309
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$48,173
Earnest money paid−$0
Remaining funds due$48,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
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)$436.25
Prepaid interest, first (1 days)$28.31
Prepaid interest, second (1 days)$14.79
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$266,960
New conventional · ends Dec 2056$490,748