Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,315/mo
Lowest payment- Down payment
- $66,401
- Funds due
- $77,830
- Interest + MI left
- $288,814
- First ends
- Sep 2052
Assumption
Assumption + second
$2,524/mo
+$209/mo- Down payment
- $40,401
- Funds due
- $53,093
- Interest + MI left
- $338,127
- First ends
- Sep 2052
New loan
New conventional
$2,849/mo
+$534/mo- Down payment
- $40,401
- Funds due
- $49,035
- Interest + MI left
- $537,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,599 | $328,599 | $354,599 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,991.66 | $1,991.66 | $2,455.17 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $70.92 |
| Taxes, insurance & HOA | $323.08 | $323.08 | $323.08 |
| Total housing payment | $2,314.74 | $2,523.94 | $2,849.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,401
Closing costs & prepaids$12,692
Usable credit−$0
Total buyer cash needed$53,093
Earnest money paid−$0
Remaining funds due$53,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,643.00
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)$519.25
Prepaid interest, first (2 days)$99.39
Prepaid interest, second (2 days)$12.82
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$78,182Through Nov 2026
Assumption only · ends Sep 2052$288,814
Assumption + second · ends Sep 2052, second Dec 2056$338,127
New conventional · ends Dec 2056$537,702