Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $137,788
- Funds due
- $149,509
- Interest + MI left
- $183,482
- First ends
- Jul 2052
Assumption
Assumption + second
$2,751/mo
+$734/mo- Down payment
- $37,788
- Funds due
- $50,803
- Interest + MI left
- $347,638
- First ends
- Jul 2052
New loan
New conventional
$3,053/mo
+$1,036/mo- Down payment
- $37,788
- Funds due
- $47,225
- Interest + MI left
- $511,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,212 | $237,212 | $337,212 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,365.89 | $1,365.89 | $2,334.79 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $67.44 |
| Taxes, insurance & HOA | $651.00 | $651.00 | $651.00 |
| Total housing payment | $2,016.89 | $2,750.66 | $3,053.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,788
Closing costs & prepaids$13,016
Usable credit−$0
Total buyer cash needed$50,803
Earnest money paid−$0
Remaining funds due$50,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,186.06
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,503.00
Prepaid interest, first (2 days)$64.73
Prepaid interest, second (2 days)$43.84
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$53,218Through Nov 2026
Assumption only · ends Jul 2052$183,482
Assumption + second · ends Jul 2052, second Dec 2056$347,638
New conventional · ends Dec 2056$511,405