Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
Lowest payment- Down payment
- $83,117
- Funds due
- $96,109
- Interest + MI left
- $350,672
- First ends
- Oct 2052
Assumption
Assumption + second
$3,006/mo
+$266/mo- Down payment
- $50,117
- Funds due
- $64,375
- Interest + MI left
- $413,261
- First ends
- Oct 2052
New loan
New conventional
$3,478/mo
+$737/mo- Down payment
- $50,117
- Funds due
- $59,791
- Interest + MI left
- $682,276
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,882 | $416,882 | $449,882 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,468.02 | $2,468.02 | $3,114.89 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $89.98 |
| Taxes, insurance & HOA | $272.67 | $272.67 | $272.67 |
| Total housing payment | $2,740.68 | $3,006.21 | $3,477.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,117
Closing costs & prepaids$14,258
Usable credit−$0
Total buyer cash needed$64,375
Earnest money paid−$0
Remaining funds due$64,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,084.41
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)$318.00
Prepaid interest, first (2 days)$121.07
Prepaid interest, second (2 days)$16.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 5.300%
Interest already paid$93,371Through Nov 2026
Assumption only · ends Oct 2052$350,672
Assumption + second · ends Oct 2052, second Dec 2056$413,261
New conventional · ends Dec 2056$682,276