Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $41,853
- Funds due
- $52,470
- Interest + MI left
- $179,057
- First ends
- Jun 2052
Assumption
Assumption + second
$2,056/mo
+$255/mo- Down payment
- $16,853
- Funds due
- $28,793
- Interest + MI left
- $245,768
- First ends
- Jun 2052
New loan
New conventional
$2,451/mo
+$650/mo- Down payment
- $16,853
- Funds due
- $25,334
- Interest + MI left
- $456,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,147 | $286,147 | $311,147 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,520.28 | $1,520.28 | $2,107.82 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $62.23 |
| Taxes, insurance & HOA | $281.17 | $281.17 | $281.17 |
| Total housing payment | $1,801.44 | $2,056.19 | $2,451.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,853
Closing costs & prepaids$11,940
Usable credit−$0
Total buyer cash needed$28,793
Earnest money paid−$0
Remaining funds due$28,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,430.73
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)$393.50
Prepaid interest, first (9 days)$294.22
Prepaid interest, second (9 days)$73.20
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$56,242Through Dec 2026
Assumption only · ends Jun 2052$179,057
Assumption + second · ends Jun 2052, second Jan 2057$245,768
New conventional · ends Jan 2057$456,566