Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
Lowest payment- Down payment
- $74,819
- Funds due
- $88,364
- Interest + MI left
- $298,415
- First ends
- Jul 2052
Assumption
Assumption + second
$2,896/mo
+$201/mo- Down payment
- $49,819
- Funds due
- $64,670
- Interest + MI left
- $345,831
- First ends
- Jul 2052
New loan
New conventional
$3,447/mo
+$753/mo- Down payment
- $49,819
- Funds due
- $60,289
- Interest + MI left
- $646,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,181 | $417,181 | $442,181 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,330.93 | $2,330.93 | $2,995.49 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $88.44 |
| Taxes, insurance & HOA | $363.50 | $363.50 | $363.50 |
| Total housing payment | $2,694.43 | $2,895.59 | $3,447.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,819
Closing costs & prepaids$14,850
Usable credit−$0
Total buyer cash needed$64,670
Earnest money paid−$0
Remaining funds due$64,670
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,085.90
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)$590.50
Prepaid interest, first (9 days)$480.39
Prepaid interest, second (9 days)$55.48
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 4.67%
Interest already paid$89,720Through Dec 2026
Assumption only · ends Jul 2052$298,415
Assumption + second · ends Jul 2052, second Jan 2057$345,831
New conventional · ends Jan 2057$646,542