Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,056/mo
Lowest payment- Down payment
- $79,347
- Funds due
- $91,215
- Interest + MI left
- $195,034
- First ends
- May 2052
Assumption
Assumption + second
$2,354/mo
+$298/mo- Down payment
- $42,347
- Funds due
- $55,547
- Interest + MI left
- $265,210
- First ends
- May 2052
New loan
New conventional
$2,915/mo
+$859/mo- Down payment
- $42,347
- Funds due
- $51,656
- Interest + MI left
- $544,806
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,653 | $335,653 | $372,653 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,739.96 | $1,739.96 | $2,524.48 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $74.53 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,055.96 | $2,353.67 | $2,915.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,347
Closing costs & prepaids$13,201
Usable credit−$0
Total buyer cash needed$55,547
Earnest money paid−$0
Remaining funds due$55,547
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,678.27
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)$498.00
Prepaid interest, first (9 days)$324.43
Prepaid interest, second (9 days)$82.11
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 3.92%
Interest already paid$63,351Through Dec 2026
Assumption only · ends May 2052$195,034
Assumption + second · ends May 2052, second Jan 2057$265,210
New conventional · ends Jan 2057$544,806