Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $63,567
- Funds due
- $72,913
- Interest + MI left
- $89,868
- First ends
- Apr 2052
Assumption
Assumption + second
$1,512/mo
+$298/mo- Down payment
- $26,567
- Funds due
- $37,245
- Interest + MI left
- $160,043
- First ends
- Apr 2052
New loan
New conventional
$1,918/mo
+$704/mo- Down payment
- $26,567
- Funds due
- $34,115
- Interest + MI left
- $348,482
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,333 | $201,333 | $238,333 |
| Second mortgage | — | $37,000 | — |
| First P&I | $957.90 | $957.90 | $1,614.55 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $47.67 |
| Taxes, insurance & HOA | $256.00 | $256.00 | $256.00 |
| Total housing payment | $1,213.90 | $1,511.61 | $1,918.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,567
Closing costs & prepaids$10,678
Usable credit−$0
Total buyer cash needed$37,245
Earnest money paid−$0
Remaining funds due$37,245
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,006.66
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)$318.00
Prepaid interest, first (9 days)$154.39
Prepaid interest, second (9 days)$82.11
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 4 moOf the original 30-year loan at 3.11%
Interest already paid$30,937Through Dec 2026
Assumption only · ends Apr 2052$89,868
Assumption + second · ends Apr 2052, second Jan 2057$160,043
New conventional · ends Jan 2057$348,482