Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,580/mo
Lowest payment- Down payment
- $99,341
- Funds due
- $112,566
- Interest + MI left
- $301,485
- First ends
- Jul 2052
Assumption
Assumption + second
$2,991/mo
+$410/mo- Down payment
- $48,341
- Funds due
- $62,929
- Interest + MI left
- $398,214
- First ends
- Jul 2052
New loan
New conventional
$3,369/mo
+$788/mo- Down payment
- $48,341
- Funds due
- $58,672
- Interest + MI left
- $631,011
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,559 | $380,559 | $431,559 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,221.64 | $2,221.64 | $2,923.53 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $86.31 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $2,580.31 | $2,990.67 | $3,368.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,341
Closing costs & prepaids$14,588
Usable credit−$0
Total buyer cash needed$62,929
Earnest money paid−$0
Remaining funds due$62,929
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,902.79
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)$576.00
Prepaid interest, first (9 days)$478.57
Prepaid interest, second (9 days)$113.18
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 5.1%
Interest already paid$89,126Through Dec 2026
Assumption only · ends Jul 2052$301,485
Assumption + second · ends Jul 2052, second Jan 2057$398,214
New conventional · ends Jan 2057$631,011