Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $66,881
- Funds due
- $78,610
- Interest + MI left
- $287,302
- First ends
- Sep 2052
Assumption
Assumption + second
$2,517/mo
+$217/mo- Down payment
- $39,881
- Funds due
- $52,920
- Interest + MI left
- $338,512
- First ends
- Sep 2052
New loan
New conventional
$2,785/mo
+$485/mo- Down payment
- $39,881
- Funds due
- $48,960
- Interest + MI left
- $519,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,119 | $328,119 | $355,119 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,991.66 | $1,991.66 | $2,405.70 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $71.02 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,299.66 | $2,516.90 | $2,784.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,881
Closing costs & prepaids$13,039
Usable credit−$0
Total buyer cash needed$52,920
Earnest money paid−$0
Remaining funds due$52,920
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.60
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)$474.00
Prepaid interest, first (9 days)$446.60
Prepaid interest, second (9 days)$59.92
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 5.52%
Interest already paid$79,694Through Dec 2026
Assumption only · ends Sep 2052$287,302
Assumption + second · ends Sep 2052, second Jan 2057$338,512
New conventional · ends Jan 2057$519,243