Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,203/mo
Lowest payment- Down payment
- $59,836
- Funds due
- $71,875
- Interest + MI left
- $182,569
- First ends
- May 2052
Assumption
Assumption + second
$2,600/mo
+$397/mo- Down payment
- $20,836
- Funds due
- $34,138
- Interest + MI left
- $286,637
- First ends
- May 2052
New loan
New conventional
$3,234/mo
+$1,031/mo- Down payment
- $20,836
- Funds due
- $30,168
- Interest + MI left
- $592,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,164 | $350,164 | $389,164 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,740.96 | $1,740.96 | $2,694.49 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $77.83 |
| Taxes, insurance & HOA | $462.08 | $462.08 | $462.08 |
| Total housing payment | $2,203.04 | $2,600.45 | $3,234.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,836
Closing costs & prepaids$13,302
Usable credit−$0
Total buyer cash needed$34,138
Earnest money paid−$0
Remaining funds due$34,138
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,750.82
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)$936.25
Prepaid interest, first (1 days)$34.06
Prepaid interest, second (1 days)$12.69
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 3.550%
Interest already paid$58,872Through Nov 2026
Assumption only · ends May 2052$182,569
Assumption + second · ends May 2052, second Dec 2056$286,637
New conventional · ends Dec 2056$592,217