Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,054/mo
Lowest payment- Down payment
- $45,225
- Funds due
- $56,748
- Interest + MI left
- $196,267
- First ends
- May 2052
Assumption
Assumption + second
$2,319/mo
+$265/mo- Down payment
- $19,225
- Funds due
- $32,074
- Interest + MI left
- $265,645
- First ends
- May 2052
New loan
New conventional
$2,840/mo
+$786/mo- Down payment
- $19,225
- Funds due
- $28,391
- Interest + MI left
- $533,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,775 | $337,775 | $363,775 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,750.96 | $1,750.96 | $2,464.34 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $72.76 |
| Taxes, insurance & HOA | $303.17 | $303.17 | $303.17 |
| Total housing payment | $2,054.12 | $2,319.06 | $2,840.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,225
Closing costs & prepaids$12,849
Usable credit−$0
Total buyer cash needed$32,074
Earnest money paid−$0
Remaining funds due$32,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,830.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,688.88
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)$459.50
Prepaid interest, first (9 days)$326.48
Prepaid interest, second (9 days)$76.13
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 3.92%
Interest already paid$63,752Through Dec 2026
Assumption only · ends May 2052$196,267
Assumption + second · ends May 2052, second Jan 2057$265,645
New conventional · ends Jan 2057$533,864