Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,647/mo
Lowest payment- Down payment
- $107,433
- Funds due
- $123,586
- Interest + MI left
- $450,430
- First ends
- Aug 2052
Assumption
Assumption + second
$3,985/mo
+$338/mo- Down payment
- $65,433
- Funds due
- $82,929
- Interest + MI left
- $530,089
- First ends
- Aug 2052
New loan
New conventional
$4,496/mo
+$849/mo- Down payment
- $65,433
- Funds due
- $77,756
- Interest + MI left
- $853,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $541,567 | $541,567 | $583,567 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,220.77 | $3,220.77 | $3,953.29 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $116.71 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $3,647.02 | $3,984.96 | $4,496.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,433
Closing costs & prepaids$17,496
Usable credit−$0
Total buyer cash needed$82,929
Earnest money paid−$0
Remaining funds due$82,929
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,707.83
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)$778.75
Prepaid interest, first (9 days)$707.75
Prepaid interest, second (9 days)$93.21
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 5.3%
Interest already paid$129,046Through Dec 2026
Assumption only · ends Aug 2052$450,430
Assumption + second · ends Aug 2052, second Jan 2057$530,089
New conventional · ends Jan 2057$853,271