Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,365/mo
Lowest payment- Down payment
- $45,707
- Funds due
- $57,179
- Interest + MI left
- $275,121
- First ends
- Oct 2052
Assumption
Assumption + second
$2,641/mo
+$275/mo- Down payment
- $18,707
- Funds due
- $31,446
- Interest + MI left
- $347,168
- First ends
- Oct 2052
New loan
New conventional
$2,921/mo
+$556/mo- Down payment
- $18,707
- Funds due
- $27,648
- Interest + MI left
- $526,977
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,293 | $319,293 | $346,293 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,911.30 | $1,911.30 | $2,397.66 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $69.26 |
| Taxes, insurance & HOA | $454.17 | $454.17 | $454.17 |
| Total housing payment | $2,365.47 | $2,640.60 | $2,921.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,707
Closing costs & prepaids$12,739
Usable credit−$0
Total buyer cash needed$31,446
Earnest money paid−$0
Remaining funds due$31,446
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.46
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)$912.50
Prepaid interest, first (2 days)$94.65
Prepaid interest, second (2 days)$17.57
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 5.410%
Interest already paid$72,952Through Nov 2026
Assumption only · ends Oct 2052$275,121
Assumption + second · ends Oct 2052, second Dec 2056$347,168
New conventional · ends Dec 2056$526,977