Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,348/mo
Lowest payment- Down payment
- $68,031
- Funds due
- $83,594
- Interest + MI left
- $306,617
- First ends
- Jul 2052
Assumption
Assumption + second
$3,735/mo
+$387/mo- Down payment
- $30,031
- Funds due
- $46,869
- Interest + MI left
- $408,017
- First ends
- Jul 2052
New loan
New conventional
$4,647/mo
+$1,299/mo- Down payment
- $30,031
- Funds due
- $42,006
- Interest + MI left
- $851,990
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $521,869 | $521,869 | $559,869 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,689.89 | $2,689.89 | $3,876.42 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $111.97 |
| Taxes, insurance & HOA | $658.25 | $658.25 | $658.25 |
| Total housing payment | $3,348.14 | $3,735.36 | $4,646.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,031
Closing costs & prepaids$16,838
Usable credit−$0
Total buyer cash needed$46,869
Earnest money paid−$0
Remaining funds due$46,869
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,609.34
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)$1,474.75
Prepaid interest, first (2 days)$112.09
Prepaid interest, second (2 days)$24.73
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 8 moOf the original 30-year loan at 3.920%
Interest already paid$92,833Through Nov 2026
Assumption only · ends Jul 2052$306,617
Assumption + second · ends Jul 2052, second Dec 2056$408,017
New conventional · ends Dec 2056$851,990