Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,456/mo
Lowest payment- Down payment
- $53,786
- Funds due
- $68,135
- Interest + MI left
- $423,361
- First ends
- Dec 2052
Assumption
Assumption + second
$3,752/mo
+$296/mo- Down payment
- $24,786
- Funds due
- $40,404
- Interest + MI left
- $500,745
- First ends
- Dec 2052
New loan
New conventional
$4,044/mo
+$587/mo- Down payment
- $24,786
- Funds due
- $35,936
- Interest + MI left
- $715,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,214 | $441,214 | $470,214 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,762.22 | $2,762.22 | $3,255.67 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $94.04 |
| Taxes, insurance & HOA | $694.08 | $694.08 | $694.08 |
| Total housing payment | $3,456.30 | $3,751.81 | $4,043.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,786
Closing costs & prepaids$15,618
Usable credit−$0
Total buyer cash needed$40,404
Earnest money paid−$0
Remaining funds due$40,404
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,206.07
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)$1,582.25
Prepaid interest, first (2 days)$142.40
Prepaid interest, second (2 days)$18.87
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 closing26 yr 1 moOf the original 30-year loan at 5.890%
Interest already paid$104,838Through Nov 2026
Assumption only · ends Dec 2052$423,361
Assumption + second · ends Dec 2052, second Dec 2056$500,745
New conventional · ends Dec 2056$715,650