Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $65,930
- Funds due
- $76,920
- Interest + MI left
- $186,518
- First ends
- Jun 2052
Assumption
Assumption + second
$2,113/mo
+$233/mo- Down payment
- $36,930
- Funds due
- $49,213
- Interest + MI left
- $241,521
- First ends
- Jun 2052
New loan
New conventional
$2,577/mo
+$697/mo- Down payment
- $36,930
- Funds due
- $45,448
- Interest + MI left
- $478,230
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,070 | $298,070 | $327,070 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,583.62 | $1,583.62 | $2,215.69 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $65.41 |
| Taxes, insurance & HOA | $295.58 | $295.58 | $295.58 |
| Total housing payment | $1,879.20 | $2,112.54 | $2,576.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,930
Closing costs & prepaids$12,282
Usable credit−$0
Total buyer cash needed$49,213
Earnest money paid−$0
Remaining funds due$49,213
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,490.35
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)$436.75
Prepaid interest, first (6 days)$204.32
Prepaid interest, second (6 days)$42.90
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$58,585Through Dec 2026
Assumption only · ends Jun 2052$186,518
Assumption + second · ends Jun 2052, second Jan 2057$241,521
New conventional · ends Jan 2057$478,230