Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,322/mo
Lowest payment- Down payment
- $63,459
- Funds due
- $74,947
- Interest + MI left
- $279,109
- First ends
- Aug 2052
Assumption
Assumption + second
$2,760/mo
+$438/mo- Down payment
- $20,459
- Funds due
- $33,211
- Interest + MI left
- $393,850
- First ends
- Aug 2052
New loan
New conventional
$3,033/mo
+$711/mo- Down payment
- $20,459
- Funds due
- $29,295
- Interest + MI left
- $577,573
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,541 | $336,541 | $379,541 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,992.40 | $1,992.40 | $2,627.87 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | — | — | $75.91 |
| Taxes, insurance & HOA | $329.50 | $329.50 | $329.50 |
| Total housing payment | $2,321.90 | $2,760.07 | $3,033.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,459
Closing costs & prepaids$12,752
Usable credit−$0
Total buyer cash needed$33,211
Earnest money paid−$0
Remaining funds due$33,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,682.70
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)$538.50
Prepaid interest, first (1 days)$48.59
Prepaid interest, second (1 days)$13.99
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 9 moOf the original 30-year loan at 5.270%
Interest already paid$78,153Through Nov 2026
Assumption only · ends Aug 2052$279,109
Assumption + second · ends Aug 2052, second Dec 2056$393,850
New conventional · ends Dec 2056$577,573