Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,239/mo
Lowest payment- Down payment
- $43,308
- Funds due
- $54,357
- Interest + MI left
- $285,907
- First ends
- Jul 2052
Assumption
Assumption + second
$2,493/mo
+$255/mo- Down payment
- $18,308
- Funds due
- $30,656
- Interest + MI left
- $352,617
- First ends
- Jul 2052
New loan
New conventional
$2,640/mo
+$402/mo- Down payment
- $18,308
- Funds due
- $26,923
- Interest + MI left
- $494,050
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,692 | $311,692 | $336,692 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,946.57 | $1,946.57 | $2,280.87 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $67.34 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $2,238.57 | $2,493.32 | $2,640.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,308
Closing costs & prepaids$12,347
Usable credit−$0
Total buyer cash needed$30,656
Earnest money paid−$0
Remaining funds due$30,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,558.46
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)$426.00
Prepaid interest, first (6 days)$296.15
Prepaid interest, second (6 days)$48.80
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 5.78%
Interest already paid$82,385Through Dec 2026
Assumption only · ends Jul 2052$285,907
Assumption + second · ends Jul 2052, second Jan 2057$352,617
New conventional · ends Jan 2057$494,050