Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,730/mo
Lowest payment- Down payment
- $57,496
- Funds due
- $67,807
- Interest + MI left
- $175,552
- First ends
- Jun 2052
Assumption
Assumption + second
$2,138/mo
+$408/mo- Down payment
- $17,496
- Funds due
- $29,070
- Interest + MI left
- $282,288
- First ends
- Jun 2052
New loan
New conventional
$2,524/mo
+$794/mo- Down payment
- $17,496
- Funds due
- $25,474
- Interest + MI left
- $486,211
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,504 | $279,504 | $319,504 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,482.27 | $1,482.27 | $2,212.18 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $63.90 |
| Taxes, insurance & HOA | $247.75 | $247.75 | $247.75 |
| Total housing payment | $1,730.02 | $2,137.62 | $2,523.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,496
Closing costs & prepaids$11,574
Usable credit−$0
Total buyer cash needed$29,070
Earnest money paid−$0
Remaining funds due$29,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,397.52
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)$293.25
Prepaid interest, first (1 days)$31.93
Prepaid interest, second (1 days)$13.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.170%
Interest already paid$53,864Through Nov 2026
Assumption only · ends Jun 2052$175,552
Assumption + second · ends Jun 2052, second Dec 2056$282,288
New conventional · ends Dec 2056$486,211