Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,752/mo
Lowest payment- Down payment
- $134,286
- Funds due
- $145,718
- Interest + MI left
- $139,475
- First ends
- Jun 2052
Assumption
Assumption + second
$2,517/mo
+$764/mo- Down payment
- $39,286
- Funds due
- $52,085
- Interest + MI left
- $319,656
- First ends
- Jun 2052
New loan
New conventional
$2,888/mo
+$1,136/mo- Down payment
- $39,286
- Funds due
- $48,490
- Interest + MI left
- $505,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,714 | $250,714 | $345,714 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,275.13 | $1,275.13 | $2,341.99 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $69.14 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $1,752.38 | $2,516.77 | $2,888.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,286
Closing costs & prepaids$12,800
Usable credit−$0
Total buyer cash needed$52,085
Earnest money paid−$0
Remaining funds due$52,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,253.57
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)$981.75
Prepaid interest, first (5 days)$129.14
Prepaid interest, second (5 days)$117.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 3.76%
Interest already paid$44,571Through Dec 2026
Assumption only · ends Jun 2052$139,475
Assumption + second · ends Jun 2052, second Jan 2057$319,656
New conventional · ends Jan 2057$505,422