Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,073/mo
Lowest payment- Down payment
- $91,338
- Funds due
- $100,212
- Interest + MI left
- $93,829
- First ends
- May 2052
Assumption
Assumption + second
$1,596/mo
+$523/mo- Down payment
- $26,338
- Funds due
- $36,478
- Interest + MI left
- $217,110
- First ends
- May 2052
New loan
New conventional
$1,880/mo
+$807/mo- Down payment
- $26,338
- Funds due
- $33,343
- Interest + MI left
- $354,317
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,662 | $168,662 | $233,662 |
| Second mortgage | — | $65,000 | — |
| First P&I | $857.81 | $857.81 | $1,617.83 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $46.73 |
| Taxes, insurance & HOA | $215.25 | $215.25 | $215.25 |
| Total housing payment | $1,073.06 | $1,596.07 | $1,879.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,338
Closing costs & prepaids$10,140
Usable credit−$0
Total buyer cash needed$36,478
Earnest money paid−$0
Remaining funds due$36,478
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$843.31
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)$195.75
Prepaid interest, first (1 days)$17.37
Prepaid interest, second (1 days)$16.03
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 3.760%
Interest already paid$29,984Through Nov 2026
Assumption only · ends May 2052$93,829
Assumption + second · ends May 2052, second Dec 2056$217,110
New conventional · ends Dec 2056$354,317