Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
Lowest payment- Down payment
- $51,580
- Funds due
- $62,702
- Interest + MI left
- $197,372
- First ends
- May 2052
Assumption
Assumption + second
$2,319/mo
+$326/mo- Down payment
- $19,580
- Funds due
- $31,962
- Interest + MI left
- $282,761
- First ends
- May 2052
New loan
New conventional
$2,881/mo
+$888/mo- Down payment
- $19,580
- Funds due
- $28,060
- Interest + MI left
- $563,767
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,420 | $338,420 | $370,420 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,750.96 | $1,750.96 | $2,564.71 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $74.08 |
| Taxes, insurance & HOA | $241.92 | $241.92 | $241.92 |
| Total housing payment | $1,992.87 | $2,318.95 | $2,880.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,580
Closing costs & prepaids$12,383
Usable credit−$0
Total buyer cash needed$31,962
Earnest money paid−$0
Remaining funds due$31,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,692.10
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)$275.75
Prepaid interest, first (1 days)$36.35
Prepaid interest, second (1 days)$10.41
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 3.920%
Interest already paid$62,646Through Nov 2026
Assumption only · ends May 2052$197,372
Assumption + second · ends May 2052, second Dec 2056$282,761
New conventional · ends Dec 2056$563,767