Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,992/mo
Lowest payment- Down payment
- $83,569
- Funds due
- $98,416
- Interest + MI left
- $288,831
- First ends
- May 2052
Assumption
Assumption + second
$3,193/mo
+$201/mo- Down payment
- $58,569
- Funds due
- $74,703
- Interest + MI left
- $336,247
- First ends
- May 2052
New loan
New conventional
$4,072/mo
+$1,080/mo- Down payment
- $58,569
- Funds due
- $69,832
- Interest + MI left
- $769,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,431 | $501,431 | $526,431 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,591.03 | $2,591.03 | $3,566.23 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $105.29 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $2,991.69 | $3,192.85 | $4,072.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,569
Closing costs & prepaids$16,135
Usable credit−$0
Total buyer cash needed$74,703
Earnest money paid−$0
Remaining funds due$74,703
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,507.16
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)$702.00
Prepaid interest, first (6 days)$320.64
Prepaid interest, second (6 days)$36.99
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 5 moOf the original 30-year loan at 3.89%
Interest already paid$93,938Through Dec 2026
Assumption only · ends May 2052$288,831
Assumption + second · ends May 2052, second Jan 2057$336,247
New conventional · ends Jan 2057$769,729