Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,134/mo
Lowest payment- Down payment
- $48,838
- Funds due
- $57,690
- Interest + MI left
- $91,084
- First ends
- May 2052
Assumption
Assumption + second
$1,335/mo
+$201/mo- Down payment
- $23,838
- Funds due
- $33,995
- Interest + MI left
- $138,500
- First ends
- May 2052
New loan
New conventional
$1,679/mo
+$545/mo- Down payment
- $23,838
- Funds due
- $30,964
- Interest + MI left
- $301,214
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,062 | $181,062 | $206,062 |
| Second mortgage | — | $25,000 | — |
| First P&I | $892.28 | $892.28 | $1,395.94 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $41.21 |
| Taxes, insurance & HOA | $242.00 | $242.00 | $242.00 |
| Total housing payment | $1,134.28 | $1,335.44 | $1,679.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,838
Closing costs & prepaids$10,158
Usable credit−$0
Total buyer cash needed$33,995
Earnest money paid−$0
Remaining funds due$33,995
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%)$905.31
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)$276.00
Prepaid interest, first (9 days)$154.03
Prepaid interest, second (9 days)$55.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 3.45%
Interest already paid$30,190Through Dec 2026
Assumption only · ends May 2052$91,084
Assumption + second · ends May 2052, second Jan 2057$138,500
New conventional · ends Jan 2057$301,214