Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,603/mo
Lowest payment- Down payment
- $63,792
- Funds due
- $75,912
- Interest + MI left
- $334,029
- First ends
- Oct 2052
Assumption
Assumption + second
$3,020/mo
+$418/mo- Down payment
- $22,792
- Funds due
- $36,189
- Interest + MI left
- $443,433
- First ends
- Oct 2052
New loan
New conventional
$3,291/mo
+$688/mo- Down payment
- $22,792
- Funds due
- $32,065
- Interest + MI left
- $634,893
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,208 | $376,208 | $417,208 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,283.72 | $2,283.72 | $2,888.66 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $83.44 |
| Taxes, insurance & HOA | $318.92 | $318.92 | $318.92 |
| Total housing payment | $2,602.64 | $3,020.43 | $3,291.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,792
Closing costs & prepaids$13,397
Usable credit−$0
Total buyer cash needed$36,189
Earnest money paid−$0
Remaining funds due$36,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,881.04
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)$506.75
Prepaid interest, first (2 days)$114.41
Prepaid interest, second (2 days)$26.68
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 11 moOf the original 30-year loan at 5.550%
Interest already paid$88,111Through Nov 2026
Assumption only · ends Oct 2052$334,029
Assumption + second · ends Oct 2052, second Dec 2056$443,433
New conventional · ends Dec 2056$634,893