Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,349/mo
Lowest payment- Down payment
- $51,621
- Funds due
- $64,004
- Interest + MI left
- $239,509
- First ends
- Jul 2052
Assumption
Assumption + second
$2,645/mo
+$296/mo- Down payment
- $22,621
- Funds due
- $36,339
- Interest + MI left
- $316,892
- First ends
- Jul 2052
New loan
New conventional
$3,193/mo
+$843/mo- Down payment
- $22,621
- Funds due
- $32,409
- Interest + MI left
- $603,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,379 | $382,379 | $411,379 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,025.69 | $2,025.69 | $2,786.82 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $82.28 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $2,349.27 | $2,644.79 | $3,192.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,621
Closing costs & prepaids$13,718
Usable credit−$0
Total buyer cash needed$36,339
Earnest money paid−$0
Remaining funds due$36,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,911.89
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)$520.75
Prepaid interest, first (9 days)$392.23
Prepaid interest, second (9 days)$84.91
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 4.16%
Interest already paid$73,518Through Dec 2026
Assumption only · ends Jul 2052$239,509
Assumption + second · ends Jul 2052, second Jan 2057$316,892
New conventional · ends Jan 2057$603,643