Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,042/mo
Lowest payment- Down payment
- $49,143
- Funds due
- $59,977
- Interest + MI left
- $213,374
- First ends
- Jul 2052
Assumption
Assumption + second
$2,368/mo
+$326/mo- Down payment
- $17,143
- Funds due
- $29,248
- Interest + MI left
- $298,763
- First ends
- Jul 2052
New loan
New conventional
$2,647/mo
+$605/mo- Down payment
- $17,143
- Funds due
- $25,683
- Interest + MI left
- $468,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,857 | $275,857 | $307,857 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,588.41 | $1,588.41 | $2,131.54 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $61.57 |
| Taxes, insurance & HOA | $454.00 | $454.00 | $454.00 |
| Total housing payment | $2,042.41 | $2,368.49 | $2,647.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,143
Closing costs & prepaids$12,105
Usable credit−$0
Total buyer cash needed$29,248
Earnest money paid−$0
Remaining funds due$29,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,379.29
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)$912.00
Prepaid interest, first (2 days)$75.28
Prepaid interest, second (2 days)$20.82
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 4.980%
Interest already paid$61,888Through Nov 2026
Assumption only · ends Jul 2052$213,374
Assumption + second · ends Jul 2052, second Dec 2056$298,763
New conventional · ends Dec 2056$468,425