Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $94,104
- Funds due
- $105,044
- Interest + MI left
- $249,579
- First ends
- Nov 2052
Assumption
Assumption + second
$2,409/mo
+$434/mo- Down payment
- $40,104
- Funds due
- $52,321
- Interest + MI left
- $351,998
- First ends
- Nov 2052
New loan
New conventional
$2,739/mo
+$764/mo- Down payment
- $40,104
- Funds due
- $48,403
- Interest + MI left
- $538,153
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,896 | $300,896 | $354,896 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,764.34 | $1,764.34 | $2,457.23 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $70.98 |
| Taxes, insurance & HOA | $210.42 | $210.42 | $210.42 |
| Total housing payment | $1,974.76 | $2,409.25 | $2,738.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,104
Closing costs & prepaids$12,216
Usable credit−$0
Total buyer cash needed$52,321
Earnest money paid−$0
Remaining funds due$52,321
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%)$1,504.48
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)$181.25
Prepaid interest, first (2 days)$86.06
Prepaid interest, second (2 days)$26.63
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$64,997Through Nov 2026
Assumption only · ends Nov 2052$249,579
Assumption + second · ends Nov 2052, second Dec 2056$351,998
New conventional · ends Dec 2056$538,153