Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $68,132
- Funds due
- $77,401
- Interest + MI left
- $90,391
- First ends
- Apr 2052
Assumption
Assumption + second
$1,541/mo
+$330/mo- Down payment
- $27,132
- Funds due
- $37,671
- Interest + MI left
- $168,153
- First ends
- Apr 2052
New loan
New conventional
$1,982/mo
+$772/mo- Down payment
- $27,132
- Funds due
- $34,392
- Interest + MI left
- $368,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,768 | $201,768 | $242,768 |
| Second mortgage | — | $41,000 | — |
| First P&I | $957.90 | $957.90 | $1,680.88 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $48.55 |
| Taxes, insurance & HOA | $252.83 | $252.83 | $252.83 |
| Total housing payment | $1,210.73 | $1,540.62 | $1,982.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,132
Closing costs & prepaids$10,539
Usable credit−$0
Total buyer cash needed$37,671
Earnest money paid−$0
Remaining funds due$37,671
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,008.84
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)$308.50
Prepaid interest, first (2 days)$34.38
Prepaid interest, second (2 days)$20.22
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 5 moOf the original 30-year loan at 3.110%
Interest already paid$30,414Through Nov 2026
Assumption only · ends Apr 2052$90,391
Assumption + second · ends Apr 2052, second Dec 2056$168,153
New conventional · ends Dec 2056$368,174