Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,089/mo
Lowest payment- Down payment
- $101,129
- Funds due
- $116,077
- Interest + MI left
- $275,020
- First ends
- Jun 2052
Assumption
Assumption + second
$3,467/mo
+$378/mo- Down payment
- $54,129
- Funds due
- $70,350
- Interest + MI left
- $364,163
- First ends
- Jun 2052
New loan
New conventional
$4,221/mo
+$1,132/mo- Down payment
- $54,129
- Funds due
- $65,650
- Interest + MI left
- $735,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,871 | $437,871 | $484,871 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,322.12 | $2,322.12 | $3,357.15 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $96.97 |
| Taxes, insurance & HOA | $767.00 | $767.00 | $767.00 |
| Total housing payment | $3,089.12 | $3,467.30 | $4,221.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,129
Closing costs & prepaids$16,222
Usable credit−$0
Total buyer cash needed$70,350
Earnest money paid−$0
Remaining funds due$70,350
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,189.36
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)$1,801.00
Prepaid interest, first (2 days)$100.05
Prepaid interest, second (2 days)$23.18
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 4.170%
Interest already paid$84,384Through Nov 2026
Assumption only · ends Jun 2052$275,020
Assumption + second · ends Jun 2052, second Dec 2056$364,163
New conventional · ends Dec 2056$735,339