Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $53,705
- Funds due
- $64,233
- Interest + MI left
- $116,686
- First ends
- May 2052
Assumption
Assumption + second
$1,984/mo
+$225/mo- Down payment
- $25,705
- Funds due
- $37,497
- Interest + MI left
- $169,792
- First ends
- May 2052
New loan
New conventional
$2,355/mo
+$596/mo- Down payment
- $25,705
- Funds due
- $34,224
- Interest + MI left
- $348,545
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,825 | $201,825 | $229,825 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,040.89 | $1,040.89 | $1,591.26 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $45.97 |
| Taxes, insurance & HOA | $717.58 | $717.58 | $717.58 |
| Total housing payment | $1,758.47 | $1,983.76 | $2,354.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,705
Closing costs & prepaids$11,792
Usable credit−$0
Total buyer cash needed$37,497
Earnest money paid−$0
Remaining funds due$37,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,555.30
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,009.13
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)$1,702.75
Prepaid interest, first (2 days)$43.02
Prepaid interest, second (2 days)$13.81
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 6 moOf the original 30-year loan at 3.890%
Interest already paid$37,083Through Nov 2026
Assumption only · ends May 2052$116,686
Assumption + second · ends May 2052, second Dec 2056$169,792
New conventional · ends Dec 2056$348,545