Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $82,017
- Funds due
- $92,090
- Interest + MI left
- $104,710
- First ends
- Mar 2052
Assumption
Assumption + second
$1,828/mo
+$402/mo- Down payment
- $32,017
- Funds due
- $43,352
- Interest + MI left
- $199,542
- First ends
- Mar 2052
New loan
New conventional
$2,350/mo
+$924/mo- Down payment
- $32,017
- Funds due
- $39,825
- Interest + MI left
- $436,746
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,983 | $237,983 | $287,983 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,127.28 | $1,127.28 | $1,993.94 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $57.60 |
| Taxes, insurance & HOA | $298.42 | $298.42 | $298.42 |
| Total housing payment | $1,425.70 | $1,828.01 | $2,349.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,017
Closing costs & prepaids$11,336
Usable credit−$0
Total buyer cash needed$43,352
Earnest money paid−$0
Remaining funds due$43,352
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,189.92
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)$445.25
Prepaid interest, first (1 days)$20.02
Prepaid interest, second (1 days)$12.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.070%
Interest already paid$36,111Through Nov 2026
Assumption only · ends Mar 2052$104,710
Assumption + second · ends Mar 2052, second Dec 2056$199,542
New conventional · ends Dec 2056$436,746