Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $126,072
- Funds due
- $138,172
- Interest + MI left
- $172,776
- First ends
- Mar 2052
Assumption
Assumption + second
$2,587/mo
+$644/mo- Down payment
- $46,072
- Funds due
- $59,442
- Interest + MI left
- $324,507
- First ends
- Mar 2052
New loan
New conventional
$3,225/mo
+$1,282/mo- Down payment
- $46,072
- Funds due
- $55,301
- Interest + MI left
- $627,598
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,828 | $333,828 | $413,828 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,666.46 | $1,666.46 | $2,865.26 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $82.77 |
| Taxes, insurance & HOA | $277.25 | $277.25 | $277.25 |
| Total housing payment | $1,943.71 | $2,587.41 | $3,225.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,072
Closing costs & prepaids$13,370
Usable credit−$0
Total buyer cash needed$59,442
Earnest money paid−$0
Remaining funds due$59,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,669.14
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$331.75
Prepaid interest, first (1 days)$32.47
Prepaid interest, second (1 days)$19.73
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 3.550%
Interest already paid$58,334Through Nov 2026
Assumption only · ends Mar 2052$172,776
Assumption + second · ends Mar 2052, second Dec 2056$324,507
New conventional · ends Dec 2056$627,598