Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $61,277
- Funds due
- $71,254
- Interest + MI left
- $92,815
- First ends
- Apr 2052
Assumption
Assumption + second
$1,815/mo
+$298/mo- Down payment
- $24,277
- Funds due
- $35,522
- Interest + MI left
- $162,991
- First ends
- Apr 2052
New loan
New conventional
$2,164/mo
+$646/mo- Down payment
- $24,277
- Funds due
- $32,378
- Interest + MI left
- $327,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,673 | $178,673 | $215,673 |
| Second mortgage | — | $37,000 | — |
| First P&I | $890.13 | $890.13 | $1,493.28 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $43.13 |
| Taxes, insurance & HOA | $627.17 | $627.17 | $627.17 |
| Total housing payment | $1,517.29 | $1,815.00 | $2,163.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,277
Closing costs & prepaids$11,245
Usable credit−$0
Total buyer cash needed$35,522
Earnest money paid−$0
Remaining funds due$35,522
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$893.37
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)$1,431.50
Prepaid interest, first (2 days)$34.76
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 3.550%
Interest already paid$30,630Through Nov 2026
Assumption only · ends Apr 2052$92,815
Assumption + second · ends Apr 2052, second Dec 2056$162,991
New conventional · ends Dec 2056$327,039