Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,895/mo
Lowest payment- Down payment
- $60,990
- Funds due
- $71,753
- Interest + MI left
- $215,001
- First ends
- Jul 2052
Assumption
Assumption + second
$2,104/mo
+$209/mo- Down payment
- $34,990
- Funds due
- $47,061
- Interest + MI left
- $264,313
- First ends
- Jul 2052
New loan
New conventional
$2,413/mo
+$518/mo- Down payment
- $34,990
- Funds due
- $43,413
- Interest + MI left
- $445,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,010 | $279,010 | $305,010 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,609.16 | $1,609.16 | $2,066.24 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $61.00 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,895.16 | $2,104.36 | $2,413.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,990
Closing costs & prepaids$12,071
Usable credit−$0
Total buyer cash needed$47,061
Earnest money paid−$0
Remaining funds due$47,061
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,395.05
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)$408.00
Prepaid interest, first (9 days)$342.61
Prepaid interest, second (9 days)$57.70
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$63,856Through Dec 2026
Assumption only · ends Jul 2052$215,001
Assumption + second · ends Jul 2052, second Jan 2057$264,313
New conventional · ends Jan 2057$445,914