Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $90,165
- Funds due
- $100,574
- Interest + MI left
- $185,675
- First ends
- Jul 2052
Assumption
Assumption + second
$2,127/mo
+$459/mo- Down payment
- $33,165
- Funds due
- $44,951
- Interest + MI left
- $293,784
- First ends
- Jul 2052
New loan
New conventional
$2,352/mo
+$684/mo- Down payment
- $33,165
- Funds due
- $41,480
- Interest + MI left
- $434,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,835 | $239,835 | $296,835 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,386.03 | $1,386.03 | $2,010.86 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $59.37 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,668.03 | $2,126.66 | $2,352.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,165
Closing costs & prepaids$11,785
Usable credit−$0
Total buyer cash needed$44,951
Earnest money paid−$0
Remaining funds due$44,951
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,199.17
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)$396.00
Prepaid interest, first (9 days)$295.69
Prepaid interest, second (9 days)$126.49
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%
Interest already paid$55,103Through Dec 2026
Assumption only · ends Jul 2052$185,675
Assumption + second · ends Jul 2052, second Jan 2057$293,784
New conventional · ends Jan 2057$434,022