Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $201,928
- Funds due
- $214,332
- Interest + MI left
- $151,298
- First ends
- May 2052
Assumption
Assumption + second
$2,878/mo
+$1,130/mo- Down payment
- $47,928
- Funds due
- $61,886
- Interest + MI left
- $404,097
- First ends
- May 2052
New loan
New conventional
$3,335/mo
+$1,587/mo- Down payment
- $47,928
- Funds due
- $58,199
- Interest + MI left
- $624,304
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,972 | $272,972 | $426,972 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,391.05 | $1,391.05 | $2,892.46 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $85.39 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,747.72 | $2,877.71 | $3,334.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,928
Closing costs & prepaids$13,959
Usable credit−$0
Total buyer cash needed$61,886
Earnest money paid−$0
Remaining funds due$61,886
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,364.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (9 days)$253.08
Prepaid interest, second (9 days)$303.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.76%
Interest already paid$49,480Through Dec 2026
Assumption only · ends May 2052$151,298
Assumption + second · ends May 2052, second Jan 2057$404,097
New conventional · ends Jan 2057$624,304