Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,053/mo
Lowest payment- Down payment
- $67,541
- Funds due
- $76,578
- Interest + MI left
- $59,966
- First ends
- Feb 2052
Assumption
Assumption + second
$1,391/mo
+$338/mo- Down payment
- $25,541
- Funds due
- $35,921
- Interest + MI left
- $139,625
- First ends
- Feb 2052
New loan
New conventional
$1,815/mo
+$763/mo- Down payment
- $25,541
- Funds due
- $32,908
- Interest + MI left
- $328,151
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,459 | $182,459 | $224,459 |
| Second mortgage | — | $42,000 | — |
| First P&I | $802.73 | $802.73 | $1,520.56 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $44.89 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,052.73 | $1,390.67 | $1,815.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,541
Closing costs & prepaids$10,380
Usable credit−$0
Total buyer cash needed$35,921
Earnest money paid−$0
Remaining funds due$35,921
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$912.29
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)$300.00
Prepaid interest, first (9 days)$106.63
Prepaid interest, second (9 days)$93.21
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 2 moOf the original 30-year loan at 2.37%
Interest already paid$22,338Through Dec 2026
Assumption only · ends Feb 2052$59,966
Assumption + second · ends Feb 2052, second Jan 2057$139,625
New conventional · ends Jan 2057$328,151