Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,006/mo
Lowest payment- Down payment
- $67,100
- Funds due
- $75,917
- Interest + MI left
- $60,327
- First ends
- Feb 2052
Assumption
Assumption + second
$1,344/mo
+$338/mo- Down payment
- $25,100
- Funds due
- $35,188
- Interest + MI left
- $139,986
- First ends
- Feb 2052
New loan
New conventional
$1,806/mo
+$799/mo- Down payment
- $25,100
- Funds due
- $32,026
- Interest + MI left
- $341,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,900 | $182,900 | $224,900 |
| Second mortgage | — | $42,000 | — |
| First P&I | $802.73 | $802.73 | $1,557.16 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $44.98 |
| Taxes, insurance & HOA | $203.75 | $203.75 | $203.75 |
| Total housing payment | $1,006.48 | $1,344.42 | $1,805.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,100
Closing costs & prepaids$10,088
Usable credit−$0
Total buyer cash needed$35,188
Earnest money paid−$0
Remaining funds due$35,188
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%)$914.50
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)$161.25
Prepaid interest, first (2 days)$23.75
Prepaid interest, second (2 days)$20.71
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 3 moOf the original 30-year loan at 2.370%
Interest already paid$21,977Through Nov 2026
Assumption only · ends Feb 2052$60,327
Assumption + second · ends Feb 2052, second Dec 2056$139,986
New conventional · ends Dec 2056$341,076