Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,209/mo
Lowest payment- Down payment
- $399,428
- Funds due
- $412,007
- Interest + MI left
- $111,580
- First ends
- May 2052
Assumption
Assumption + second
$3,638/mo
+$2,429/mo- Down payment
- $60,428
- Funds due
- $74,401
- Interest + MI left
- $646,890
- First ends
- May 2052
New loan
New conventional
$4,033/mo
+$2,824/mo- Down payment
- $60,428
- Funds due
- $70,784
- Interest + MI left
- $818,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,571 | $200,571 | $539,571 |
| Second mortgage | — | $339,000 | — |
| First P&I | $1,020.10 | $1,020.10 | $3,735.88 |
| Second P&I | — | $2,428.64 | — |
| Mortgage insurance | — | — | $107.91 |
| Taxes, insurance & HOA | $189.00 | $189.00 | $189.00 |
| Total housing payment | $1,209.10 | $3,637.74 | $4,032.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,428
Closing costs & prepaids$13,973
Usable credit−$0
Total buyer cash needed$74,401
Earnest money paid−$0
Remaining funds due$74,401
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,002.86
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)$67.00
Prepaid interest, first (2 days)$41.32
Prepaid interest, second (2 days)$143.96
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$35,657Through Nov 2026
Assumption only · ends May 2052$111,580
Assumption + second · ends May 2052, second Dec 2056$646,890
New conventional · ends Dec 2056$818,296