Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,154/mo
Lowest payment- Down payment
- $60,681
- Funds due
- $72,870
- Interest + MI left
- $172,743
- First ends
- Apr 2052
Assumption
Assumption + second
$2,542/mo
+$387/mo- Down payment
- $22,681
- Funds due
- $36,145
- Interest + MI left
- $274,143
- First ends
- Apr 2052
New loan
New conventional
$3,336/mo
+$1,182/mo- Down payment
- $22,681
- Funds due
- $32,034
- Interest + MI left
- $642,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,219 | $384,219 | $422,219 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,826.11 | $1,826.11 | $2,923.36 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $84.44 |
| Taxes, insurance & HOA | $328.33 | $328.33 | $328.33 |
| Total housing payment | $2,154.44 | $2,541.66 | $3,336.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,681
Closing costs & prepaids$13,464
Usable credit−$0
Total buyer cash needed$36,145
Earnest money paid−$0
Remaining funds due$36,145
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,921.09
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)$535.00
Prepaid interest, first (2 days)$65.69
Prepaid interest, second (2 days)$24.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.120%
Interest already paid$58,098Through Nov 2026
Assumption only · ends Apr 2052$172,743
Assumption + second · ends Apr 2052, second Dec 2056$274,143
New conventional · ends Dec 2056$642,519