Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,909/mo
Lowest payment- Down payment
- $88,096
- Funds due
- $101,255
- Interest + MI left
- $389,045
- First ends
- Aug 2052
Assumption
Assumption + second
$3,207/mo
+$298/mo- Down payment
- $51,096
- Funds due
- $65,524
- Interest + MI left
- $459,221
- First ends
- Aug 2052
New loan
New conventional
$3,550/mo
+$641/mo- Down payment
- $51,096
- Funds due
- $60,899
- Interest + MI left
- $694,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,904 | $420,904 | $457,904 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,621.19 | $2,621.19 | $3,170.43 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $91.58 |
| Taxes, insurance & HOA | $287.92 | $287.92 | $287.92 |
| Total housing payment | $2,909.11 | $3,206.82 | $3,549.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,096
Closing costs & prepaids$14,428
Usable credit−$0
Total buyer cash needed$65,524
Earnest money paid−$0
Remaining funds due$65,524
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,104.52
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)$363.75
Prepaid interest, first (2 days)$133.31
Prepaid interest, second (2 days)$18.25
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 9 moOf the original 30-year loan at 5.780%
Interest already paid$106,885Through Nov 2026
Assumption only · ends Aug 2052$389,045
Assumption + second · ends Aug 2052, second Dec 2056$459,221
New conventional · ends Dec 2056$694,442