Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,187/mo
Lowest payment- Down payment
- $78,459
- Funds due
- $90,321
- Interest + MI left
- $201,402
- First ends
- Jun 2052
Assumption
Assumption + second
$2,492/mo
+$306/mo- Down payment
- $40,459
- Funds due
- $53,580
- Interest + MI left
- $273,475
- First ends
- Jun 2052
New loan
New conventional
$3,045/mo
+$858/mo- Down payment
- $40,459
- Funds due
- $49,552
- Interest + MI left
- $545,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,541 | $321,541 | $359,541 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,703.40 | $1,703.40 | $2,489.39 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $2,186.73 | $2,492.49 | $3,044.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,459
Closing costs & prepaids$13,122
Usable credit−$0
Total buyer cash needed$53,580
Earnest money paid−$0
Remaining funds due$53,580
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,607.71
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)$1,000.00
Prepaid interest, first (1 days)$36.65
Prepaid interest, second (1 days)$9.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.160%
Interest already paid$61,821Through Nov 2026
Assumption only · ends Jun 2052$201,402
Assumption + second · ends Jun 2052, second Dec 2056$273,475
New conventional · ends Dec 2056$545,196