Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,897/mo
Lowest payment- Down payment
- $71,351
- Funds due
- $84,952
- Interest + MI left
- $365,695
- First ends
- Sep 2052
Assumption
Assumption + second
$3,366/mo
+$469/mo- Down payment
- $25,351
- Funds due
- $40,337
- Interest + MI left
- $488,441
- First ends
- Sep 2052
New loan
New conventional
$3,596/mo
+$699/mo- Down payment
- $25,351
- Funds due
- $36,070
- Interest + MI left
- $680,342
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,649 | $417,649 | $463,649 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,535.09 | $2,535.09 | $3,140.92 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | — | — | $92.73 |
| Taxes, insurance & HOA | $362.25 | $362.25 | $362.25 |
| Total housing payment | $2,897.34 | $3,366.08 | $3,595.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,351
Closing costs & prepaids$14,986
Usable credit−$0
Total buyer cash needed$40,337
Earnest money paid−$0
Remaining funds due$40,337
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,088.24
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$586.75
Prepaid interest, first (9 days)$568.46
Prepaid interest, second (9 days)$134.69
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$101,439Through Dec 2026
Assumption only · ends Sep 2052$365,695
Assumption + second · ends Sep 2052, second Jan 2057$488,441
New conventional · ends Jan 2057$680,342