Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,246/mo
Lowest payment- Down payment
- $114,979
- Funds due
- $126,623
- Interest + MI left
- $293,579
- First ends
- Sep 2052
Assumption
Assumption + second
$2,810/mo
+$563/mo- Down payment
- $44,979
- Funds due
- $57,890
- Interest + MI left
- $426,344
- First ends
- Sep 2052
New loan
New conventional
$3,100/mo
+$854/mo- Down payment
- $44,979
- Funds due
- $53,742
- Interest + MI left
- $612,725
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,021 | $334,021 | $404,021 |
| Second mortgage | — | $70,000 | — |
| First P&I | $2,024.52 | $2,024.52 | $2,797.36 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $80.80 |
| Taxes, insurance & HOA | $221.92 | $221.92 | $221.92 |
| Total housing payment | $2,246.43 | $2,809.67 | $3,100.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,979
Closing costs & prepaids$12,912
Usable credit−$0
Total buyer cash needed$57,890
Earnest money paid−$0
Remaining funds due$57,890
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,670.11
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)$215.75
Prepaid interest, first (1 days)$50.51
Prepaid interest, second (1 days)$17.26
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$79,472Through Nov 2026
Assumption only · ends Sep 2052$293,579
Assumption + second · ends Sep 2052, second Dec 2056$426,344
New conventional · ends Dec 2056$612,725