Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,321/mo
Lowest payment- Down payment
- $48,976
- Funds due
- $60,705
- Interest + MI left
- $280,775
- First ends
- Sep 2052
Assumption
Assumption + second
$2,617/mo
+$296/mo- Down payment
- $19,976
- Funds due
- $33,040
- Interest + MI left
- $358,158
- First ends
- Sep 2052
New loan
New conventional
$2,885/mo
+$564/mo- Down payment
- $19,976
- Funds due
- $29,222
- Interest + MI left
- $542,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,824 | $340,824 | $369,824 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,015.54 | $2,015.54 | $2,505.32 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $73.96 |
| Taxes, insurance & HOA | $305.92 | $305.92 | $305.92 |
| Total housing payment | $2,321.46 | $2,616.97 | $2,885.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,976
Closing costs & prepaids$13,064
Usable credit−$0
Total buyer cash needed$33,040
Earnest money paid−$0
Remaining funds due$33,040
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,898.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,704.12
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)$467.75
Prepaid interest, first (9 days)$441.20
Prepaid interest, second (9 days)$84.91
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 9 moOf the original 30-year loan at 5.25%
Interest already paid$78,929Through Dec 2026
Assumption only · ends Sep 2052$280,775
Assumption + second · ends Sep 2052, second Jan 2057$358,158
New conventional · ends Jan 2057$542,667