Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,476/mo
Lowest payment- Down payment
- $73,947
- Funds due
- $86,394
- Interest + MI left
- $302,490
- First ends
- Nov 2052
Assumption
Assumption + second
$2,709/mo
+$233/mo- Down payment
- $44,947
- Funds due
- $58,709
- Interest + MI left
- $357,492
- First ends
- Nov 2052
New loan
New conventional
$3,081/mo
+$606/mo- Down payment
- $44,947
- Funds due
- $54,550
- Interest + MI left
- $577,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,053 | $366,053 | $395,053 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,149.66 | $2,149.66 | $2,676.23 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $79.01 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $2,475.66 | $2,709.00 | $3,081.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,947
Closing costs & prepaids$13,762
Usable credit−$0
Total buyer cash needed$58,709
Earnest money paid−$0
Remaining funds due$58,709
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,830.27
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)$528.00
Prepaid interest, first (9 days)$471.16
Prepaid interest, second (9 days)$64.36
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$80,786Through Dec 2026
Assumption only · ends Nov 2052$302,490
Assumption + second · ends Nov 2052, second Jan 2057$357,492
New conventional · ends Jan 2057$577,554