Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,624/mo
Lowest payment- Down payment
- $124,324
- Funds due
- $137,551
- Interest + MI left
- $325,879
- First ends
- Sep 2052
Assumption
Assumption + second
$3,220/mo
+$595/mo- Down payment
- $50,324
- Funds due
- $64,911
- Interest + MI left
- $466,230
- First ends
- Sep 2052
New loan
New conventional
$3,477/mo
+$853/mo- Down payment
- $50,324
- Funds due
- $60,583
- Interest + MI left
- $652,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,176 | $372,176 | $446,176 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,259.08 | $2,259.08 | $3,022.55 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $89.24 |
| Taxes, insurance & HOA | $365.25 | $365.25 | $365.25 |
| Total housing payment | $2,624.33 | $3,219.75 | $3,477.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,324
Closing costs & prepaids$14,587
Usable credit−$0
Total buyer cash needed$64,911
Earnest money paid−$0
Remaining funds due$64,911
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,965.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,860.88
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)$595.75
Prepaid interest, first (6 days)$337.71
Prepaid interest, second (6 days)$109.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 5.52%
Interest already paid$90,394Through Dec 2026
Assumption only · ends Sep 2052$325,879
Assumption + second · ends Sep 2052, second Jan 2057$466,230
New conventional · ends Jan 2057$652,383