Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,277/mo
Lowest payment- Down payment
- $49,663
- Funds due
- $63,337
- Interest + MI left
- $403,691
- First ends
- Dec 2052
Assumption
Assumption + second
$3,552/mo
+$275/mo- Down payment
- $22,663
- Funds due
- $37,595
- Interest + MI left
- $475,738
- First ends
- Dec 2052
New loan
New conventional
$3,762/mo
+$485/mo- Down payment
- $22,663
- Funds due
- $33,323
- Interest + MI left
- $654,198
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,837 | $402,837 | $429,837 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,576.77 | $2,576.77 | $2,976.10 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $85.97 |
| Taxes, insurance & HOA | $699.83 | $699.83 | $699.83 |
| Total housing payment | $3,276.60 | $3,551.73 | $3,761.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,663
Closing costs & prepaids$14,933
Usable credit−$0
Total buyer cash needed$37,595
Earnest money paid−$0
Remaining funds due$37,595
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,525.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,014.19
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,599.50
Prepaid interest, first (1 days)$67.43
Prepaid interest, second (1 days)$8.78
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 closing26 yr 1 moOf the original 30-year loan at 6.110%
Interest already paid$99,186Through Nov 2026
Assumption only · ends Dec 2052$403,691
Assumption + second · ends Dec 2052, second Dec 2056$475,738
New conventional · ends Dec 2056$654,198