Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,979/mo
Lowest payment- Down payment
- $77,028
- Funds due
- $88,636
- Interest + MI left
- $187,084
- First ends
- May 2052
Assumption
Assumption + second
$2,276/mo
+$298/mo- Down payment
- $40,028
- Funds due
- $52,968
- Interest + MI left
- $257,260
- First ends
- May 2052
New loan
New conventional
$2,813/mo
+$835/mo- Down payment
- $40,028
- Funds due
- $49,157
- Interest + MI left
- $524,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,972 | $321,972 | $358,972 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,669.04 | $1,669.04 | $2,431.80 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $71.79 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,978.62 | $2,276.33 | $2,813.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,028
Closing costs & prepaids$12,940
Usable credit−$0
Total buyer cash needed$52,968
Earnest money paid−$0
Remaining funds due$52,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,609.86
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)$478.75
Prepaid interest, first (9 days)$311.21
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 5 moOf the original 30-year loan at 3.92%
Interest already paid$60,769Through Dec 2026
Assumption only · ends May 2052$187,084
Assumption + second · ends May 2052, second Jan 2057$257,260
New conventional · ends Jan 2057$524,876