Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
Lowest payment- Down payment
- $118,547
- Funds due
- $133,026
- Interest + MI left
- $260,824
- First ends
- Jun 2052
Assumption
Assumption + second
$3,232/mo
+$491/mo- Down payment
- $57,547
- Funds due
- $73,366
- Interest + MI left
- $376,519
- First ends
- Jun 2052
New loan
New conventional
$4,006/mo
+$1,265/mo- Down payment
- $57,547
- Funds due
- $68,697
- Interest + MI left
- $756,602
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,453 | $456,453 | $517,453 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,344.04 | $2,344.04 | $3,505.41 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $103.49 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $2,740.71 | $3,231.53 | $4,005.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,547
Closing costs & prepaids$15,819
Usable credit−$0
Total buyer cash needed$73,366
Earnest money paid−$0
Remaining funds due$73,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,282.27
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)$690.00
Prepaid interest, first (6 days)$288.88
Prepaid interest, second (6 days)$90.25
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 3.85%
Interest already paid$83,031Through Dec 2026
Assumption only · ends Jun 2052$260,824
Assumption + second · ends Jun 2052, second Jan 2057$376,519
New conventional · ends Jan 2057$756,602