Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,383/mo
Lowest payment- Down payment
- $94,021
- Funds due
- $106,351
- Interest + MI left
- $274,311
- First ends
- Jul 2052
Assumption
Assumption + second
$2,777/mo
+$394/mo- Down payment
- $45,021
- Funds due
- $58,673
- Interest + MI left
- $367,247
- First ends
- Jul 2052
New loan
New conventional
$3,154/mo
+$771/mo- Down payment
- $45,021
- Funds due
- $54,514
- Interest + MI left
- $592,146
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,979 | $355,979 | $404,979 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,053.06 | $2,053.06 | $2,743.47 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $81.00 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,383.06 | $2,777.33 | $3,154.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,021
Closing costs & prepaids$13,652
Usable credit−$0
Total buyer cash needed$58,673
Earnest money paid−$0
Remaining funds due$58,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,779.89
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)$540.00
Prepaid interest, first (6 days)$291.41
Prepaid interest, second (6 days)$72.49
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$81,471Through Dec 2026
Assumption only · ends Jul 2052$274,311
Assumption + second · ends Jul 2052, second Jan 2057$367,247
New conventional · ends Jan 2057$592,146