Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $88,705
- Funds due
- $100,261
- Interest + MI left
- $196,132
- First ends
- May 2052
Assumption
Assumption + second
$2,372/mo
+$370/mo- Down payment
- $42,705
- Funds due
- $55,534
- Interest + MI left
- $283,378
- First ends
- May 2052
New loan
New conventional
$2,985/mo
+$983/mo- Down payment
- $42,705
- Funds due
- $51,442
- Interest + MI left
- $579,776
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,295 | $336,295 | $382,295 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,739.96 | $1,739.96 | $2,646.93 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $76.46 |
| Taxes, insurance & HOA | $261.50 | $261.50 | $261.50 |
| Total housing payment | $2,001.46 | $2,371.58 | $2,984.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,705
Closing costs & prepaids$12,829
Usable credit−$0
Total buyer cash needed$55,534
Earnest money paid−$0
Remaining funds due$55,534
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,681.47
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)$334.50
Prepaid interest, first (2 days)$72.23
Prepaid interest, second (2 days)$22.68
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 6 moOf the original 30-year loan at 3.920%
Interest already paid$62,253Through Nov 2026
Assumption only · ends May 2052$196,132
Assumption + second · ends May 2052, second Dec 2056$283,378
New conventional · ends Dec 2056$579,776