Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $63,915
- Funds due
- $74,610
- Interest + MI left
- $240,649
- First ends
- Oct 2052
Assumption
Assumption + second
$2,224/mo
+$225/mo- Down payment
- $35,915
- Funds due
- $47,874
- Interest + MI left
- $293,755
- First ends
- Oct 2052
New loan
New conventional
$2,542/mo
+$544/mo- Down payment
- $35,915
- Funds due
- $44,072
- Interest + MI left
- $476,205
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,085 | $286,085 | $314,085 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,693.68 | $1,693.68 | $2,174.66 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $62.82 |
| Taxes, insurance & HOA | $304.58 | $304.58 | $304.58 |
| Total housing payment | $1,998.26 | $2,223.56 | $2,542.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,915
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$47,874
Earnest money paid−$0
Remaining funds due$47,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,430.43
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)$463.75
Prepaid interest, first (2 days)$83.08
Prepaid interest, second (2 days)$13.81
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$64,076Through Nov 2026
Assumption only · ends Oct 2052$240,649
Assumption + second · ends Oct 2052, second Dec 2056$293,755
New conventional · ends Dec 2056$476,205