Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,128/mo
Lowest payment- Down payment
- $48,467
- Funds due
- $57,166
- Interest + MI left
- $91,606
- First ends
- May 2052
Assumption
Assumption + second
$1,329/mo
+$201/mo- Down payment
- $23,467
- Funds due
- $33,422
- Interest + MI left
- $139,022
- First ends
- May 2052
New loan
New conventional
$1,706/mo
+$578/mo- Down payment
- $23,467
- Funds due
- $30,255
- Interest + MI left
- $313,028
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,433 | $181,433 | $206,433 |
| Second mortgage | — | $25,000 | — |
| First P&I | $892.28 | $892.28 | $1,429.30 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $41.29 |
| Taxes, insurance & HOA | $235.75 | $235.75 | $235.75 |
| Total housing payment | $1,128.03 | $1,329.19 | $1,706.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,467
Closing costs & prepaids$9,955
Usable credit−$0
Total buyer cash needed$33,422
Earnest money paid−$0
Remaining funds due$33,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$907.17
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)$257.25
Prepaid interest, first (1 days)$17.15
Prepaid interest, second (1 days)$6.16
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 6 moOf the original 30-year loan at 3.450%
Interest already paid$29,668Through Nov 2026
Assumption only · ends May 2052$91,606
Assumption + second · ends May 2052, second Dec 2056$139,022
New conventional · ends Dec 2056$313,028