Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,801/mo
Lowest payment- Down payment
- $59,324
- Funds due
- $71,856
- Interest + MI left
- $352,013
- First ends
- Sep 2052
Assumption
Assumption + second
$3,179/mo
+$377/mo- Down payment
- $22,324
- Funds due
- $36,130
- Interest + MI left
- $450,744
- First ends
- Sep 2052
New loan
New conventional
$3,433/mo
+$631/mo- Down payment
- $22,324
- Funds due
- $31,963
- Interest + MI left
- $643,299
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,676 | $385,676 | $422,676 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,379.64 | $2,379.64 | $2,926.52 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $84.54 |
| Taxes, insurance & HOA | $421.83 | $421.83 | $421.83 |
| Total housing payment | $2,801.48 | $3,178.51 | $3,432.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,324
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$36,130
Earnest money paid−$0
Remaining funds due$36,130
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,928.38
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)$815.50
Prepaid interest, first (2 days)$120.46
Prepaid interest, second (2 days)$24.08
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 10 moOf the original 30-year loan at 5.700%
Interest already paid$94,658Through Nov 2026
Assumption only · ends Sep 2052$352,013
Assumption + second · ends Sep 2052, second Dec 2056$450,744
New conventional · ends Dec 2056$643,299