Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,379/mo
Lowest payment- Down payment
- $65,383
- Funds due
- $76,823
- Interest + MI left
- $307,701
- First ends
- Sep 2052
Assumption
Assumption + second
$2,580/mo
+$201/mo- Down payment
- $40,383
- Funds due
- $53,085
- Interest + MI left
- $355,117
- First ends
- Sep 2052
New loan
New conventional
$2,849/mo
+$470/mo- Down payment
- $40,383
- Funds due
- $49,017
- Interest + MI left
- $537,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,617 | $329,617 | $354,617 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,055.87 | $2,055.87 | $2,455.30 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $70.92 |
| Taxes, insurance & HOA | $323.08 | $323.08 | $323.08 |
| Total housing payment | $2,378.95 | $2,580.10 | $2,849.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,383
Closing costs & prepaids$12,703
Usable credit−$0
Total buyer cash needed$53,085
Earnest money paid−$0
Remaining funds due$53,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,648.09
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)$519.25
Prepaid interest, first (2 days)$104.94
Prepaid interest, second (2 days)$12.33
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 10 moOf the original 30-year loan at 5.810%
Interest already paid$82,411Through Nov 2026
Assumption only · ends Sep 2052$307,701
Assumption + second · ends Sep 2052, second Dec 2056$355,117
New conventional · ends Dec 2056$537,730