Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,302/mo
Lowest payment- Down payment
- $63,973
- Funds due
- $75,788
- Interest + MI left
- $277,631
- First ends
- Aug 2052
Assumption
Assumption + second
$2,741/mo
+$438/mo- Down payment
- $20,973
- Funds due
- $34,164
- Interest + MI left
- $392,372
- First ends
- Aug 2052
New loan
New conventional
$2,953/mo
+$651/mo- Down payment
- $20,973
- Funds due
- $30,339
- Interest + MI left
- $556,171
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,027 | $336,027 | $379,027 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,992.40 | $1,992.40 | $2,567.66 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | — | — | $75.81 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,302.40 | $2,740.57 | $2,953.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,973
Closing costs & prepaids$13,191
Usable credit−$0
Total buyer cash needed$34,164
Earnest money paid−$0
Remaining funds due$34,164
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,680.13
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)$480.00
Prepaid interest, first (9 days)$436.65
Prepaid interest, second (9 days)$125.91
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 8 moOf the original 30-year loan at 5.27%
Interest already paid$79,631Through Dec 2026
Assumption only · ends Aug 2052$277,631
Assumption + second · ends Aug 2052, second Jan 2057$392,372
New conventional · ends Jan 2057$556,171