Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,655/mo
Lowest payment- Down payment
- $80,957
- Funds due
- $91,251
- Interest + MI left
- $153,779
- First ends
- Jun 2052
Assumption
Assumption + second
$2,050/mo
+$394/mo- Down payment
- $31,957
- Funds due
- $43,525
- Interest + MI left
- $246,715
- First ends
- Jun 2052
New loan
New conventional
$2,389/mo
+$734/mo- Down payment
- $31,957
- Funds due
- $40,050
- Interest + MI left
- $421,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,043 | $229,043 | $278,043 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,246.98 | $1,246.98 | $1,925.11 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $55.61 |
| Taxes, insurance & HOA | $408.33 | $408.33 | $408.33 |
| Total housing payment | $1,655.31 | $2,049.58 | $2,389.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,957
Closing costs & prepaids$11,568
Usable credit−$0
Total buyer cash needed$43,525
Earnest money paid−$0
Remaining funds due$43,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,145.21
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)$775.00
Prepaid interest, first (2 days)$55.47
Prepaid interest, second (2 days)$24.16
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 7 moOf the original 30-year loan at 4.420%
Interest already paid$46,702Through Nov 2026
Assumption only · ends Jun 2052$153,779
Assumption + second · ends Jun 2052, second Dec 2056$246,715
New conventional · ends Dec 2056$421,560