Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,280/mo
Lowest payment- Down payment
- $94,242
- Funds due
- $108,599
- Interest + MI left
- $446,968
- First ends
- Dec 2052
Assumption
Assumption + second
$3,593/mo
+$314/mo- Down payment
- $55,242
- Funds due
- $70,906
- Interest + MI left
- $520,937
- First ends
- Dec 2052
New loan
New conventional
$3,837/mo
+$557/mo- Down payment
- $55,242
- Funds due
- $66,107
- Interest + MI left
- $723,272
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,658 | $455,658 | $494,658 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,893.03 | $2,893.03 | $3,350.99 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $98.93 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $3,279.70 | $3,593.50 | $3,836.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,242
Closing costs & prepaids$15,664
Usable credit−$0
Total buyer cash needed$70,906
Earnest money paid−$0
Remaining funds due$70,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,278.29
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)$660.00
Prepaid interest, first (6 days)$450.91
Prepaid interest, second (6 days)$57.70
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 closing26 yrOf the original 30-year loan at 6.02%
Interest already paid$113,023Through Dec 2026
Assumption only · ends Dec 2052$446,968
Assumption + second · ends Dec 2052, second Jan 2057$520,937
New conventional · ends Jan 2057$723,272