Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,364/mo
Lowest payment- Down payment
- $65,843
- Funds due
- $77,602
- Interest + MI left
- $306,105
- First ends
- Sep 2052
Assumption
Assumption + second
$2,573/mo
+$209/mo- Down payment
- $39,843
- Funds due
- $52,910
- Interest + MI left
- $355,418
- First ends
- Sep 2052
New loan
New conventional
$2,785/mo
+$421/mo- Down payment
- $39,843
- Funds due
- $48,922
- Interest + MI left
- $519,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,157 | $329,157 | $355,157 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,055.87 | $2,055.87 | $2,405.96 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $71.03 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,363.87 | $2,573.07 | $2,784.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,843
Closing costs & prepaids$13,067
Usable credit−$0
Total buyer cash needed$52,910
Earnest money paid−$0
Remaining funds due$52,910
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%)$1,645.79
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)$471.55
Prepaid interest, second (9 days)$57.70
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 5.81%
Interest already paid$84,006Through Dec 2026
Assumption only · ends Sep 2052$306,105
Assumption + second · ends Sep 2052, second Jan 2057$355,418
New conventional · ends Jan 2057$519,298