Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,766/mo
Lowest payment- Down payment
- $56,007
- Funds due
- $66,659
- Interest + MI left
- $174,581
- First ends
- Jun 2052
Assumption
Assumption + second
$2,164/mo
+$397/mo- Down payment
- $17,007
- Funds due
- $29,023
- Interest + MI left
- $278,649
- First ends
- Jun 2052
New loan
New conventional
$2,502/mo
+$736/mo- Down payment
- $17,007
- Funds due
- $25,577
- Interest + MI left
- $466,676
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,993 | $278,993 | $317,993 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,482.27 | $1,482.27 | $2,154.20 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $63.60 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $1,766.27 | $2,163.68 | $2,501.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,007
Closing costs & prepaids$12,016
Usable credit−$0
Total buyer cash needed$29,023
Earnest money paid−$0
Remaining funds due$29,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,394.97
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)$402.00
Prepaid interest, first (9 days)$286.87
Prepaid interest, second (9 days)$114.20
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$54,836Through Dec 2026
Assumption only · ends Jun 2052$174,581
Assumption + second · ends Jun 2052, second Jan 2057$278,649
New conventional · ends Jan 2057$466,676