Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $55,929
- Funds due
- $67,763
- Interest + MI left
- $288,521
- First ends
- Sep 2052
Assumption
Assumption + second
$2,912/mo
+$377/mo- Down payment
- $18,929
- Funds due
- $32,026
- Interest + MI left
- $387,251
- First ends
- Sep 2052
New loan
New conventional
$3,073/mo
+$538/mo- Down payment
- $18,929
- Funds due
- $28,257
- Interest + MI left
- $526,640
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,071 | $309,071 | $346,071 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,927.71 | $1,927.71 | $2,396.13 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $69.21 |
| Taxes, insurance & HOA | $607.25 | $607.25 | $607.25 |
| Total housing payment | $2,534.96 | $2,911.99 | $3,072.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,929
Closing costs & prepaids$13,096
Usable credit−$0
Total buyer cash needed$32,026
Earnest money paid−$0
Remaining funds due$32,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,545.35
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)$1,371.75
Prepaid interest, first (1 days)$49.20
Prepaid interest, second (1 days)$12.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 5.810%
Interest already paid$77,274Through Nov 2026
Assumption only · ends Sep 2052$288,521
Assumption + second · ends Sep 2052, second Dec 2056$387,251
New conventional · ends Dec 2056$526,640