Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,717/mo
Lowest payment- Down payment
- $66,905
- Funds due
- $77,125
- Interest + MI left
- $200,007
- First ends
- Jul 2052
Assumption
Assumption + second
$1,999/mo
+$282/mo- Down payment
- $31,905
- Funds due
- $43,453
- Interest + MI left
- $266,390
- First ends
- Jul 2052
New loan
New conventional
$2,213/mo
+$496/mo- Down payment
- $31,905
- Funds due
- $39,974
- Interest + MI left
- $406,419
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,995 | $242,995 | $277,995 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,443.00 | $1,443.00 | $1,883.23 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $55.60 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,717.00 | $1,998.62 | $2,212.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,905
Closing costs & prepaids$11,547
Usable credit−$0
Total buyer cash needed$43,453
Earnest money paid−$0
Remaining funds due$43,453
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,214.97
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)$372.00
Prepaid interest, first (9 days)$315.76
Prepaid interest, second (9 days)$77.67
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 5.27%
Interest already paid$58,742Through Dec 2026
Assumption only · ends Jul 2052$200,007
Assumption + second · ends Jul 2052, second Jan 2057$266,390
New conventional · ends Jan 2057$406,419