Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,112/mo
Lowest payment- Down payment
- $91,667
- Funds due
- $100,795
- Interest + MI left
- $93,300
- First ends
- May 2052
Assumption
Assumption + second
$1,635/mo
+$523/mo- Down payment
- $26,667
- Funds due
- $37,189
- Interest + MI left
- $216,582
- First ends
- May 2052
New loan
New conventional
$1,881/mo
+$770/mo- Down payment
- $26,667
- Funds due
- $34,150
- Interest + MI left
- $341,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,333 | $168,333 | $233,333 |
| Second mortgage | — | $65,000 | — |
| First P&I | $857.81 | $857.81 | $1,580.68 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $46.67 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $1,111.81 | $1,634.82 | $1,881.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,667
Closing costs & prepaids$10,522
Usable credit−$0
Total buyer cash needed$37,189
Earnest money paid−$0
Remaining funds due$37,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$841.67
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)$312.00
Prepaid interest, first (9 days)$156.07
Prepaid interest, second (9 days)$144.25
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$30,513Through Dec 2026
Assumption only · ends May 2052$93,300
Assumption + second · ends May 2052, second Jan 2057$216,582
New conventional · ends Jan 2057$341,125