Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,354/mo
Lowest payment- Down payment
- $115,467
- Funds due
- $127,835
- Interest + MI left
- $292,043
- First ends
- Sep 2052
Assumption
Assumption + second
$2,917/mo
+$563/mo- Down payment
- $45,467
- Funds due
- $59,240
- Interest + MI left
- $424,808
- First ends
- Sep 2052
New loan
New conventional
$3,144/mo
+$790/mo- Down payment
- $45,467
- Funds due
- $55,180
- Interest + MI left
- $590,032
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,533 | $333,533 | $403,533 |
| Second mortgage | — | $70,000 | — |
| First P&I | $2,024.52 | $2,024.52 | $2,733.67 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $80.71 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $2,354.10 | $2,917.34 | $3,143.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,467
Closing costs & prepaids$13,774
Usable credit−$0
Total buyer cash needed$59,240
Earnest money paid−$0
Remaining funds due$59,240
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,667.67
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)$538.75
Prepaid interest, first (9 days)$453.97
Prepaid interest, second (9 days)$155.34
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$81,009Through Dec 2026
Assumption only · ends Sep 2052$292,043
Assumption + second · ends Sep 2052, second Jan 2057$424,808
New conventional · ends Jan 2057$590,032