Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,371/mo
Lowest payment- Down payment
- $50,924
- Funds due
- $63,028
- Interest + MI left
- $240,837
- First ends
- Jul 2052
Assumption
Assumption + second
$2,667/mo
+$296/mo- Down payment
- $21,924
- Funds due
- $35,287
- Interest + MI left
- $318,220
- First ends
- Jul 2052
New loan
New conventional
$3,281/mo
+$910/mo- Down payment
- $21,924
- Funds due
- $31,140
- Interest + MI left
- $627,166
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,076 | $383,076 | $412,076 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,025.69 | $2,025.69 | $2,853.13 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $82.42 |
| Taxes, insurance & HOA | $345.67 | $345.67 | $345.67 |
| Total housing payment | $2,371.36 | $2,666.87 | $3,281.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,924
Closing costs & prepaids$13,363
Usable credit−$0
Total buyer cash needed$35,287
Earnest money paid−$0
Remaining funds due$35,287
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,915.38
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)$587.00
Prepaid interest, first (1 days)$43.66
Prepaid interest, second (1 days)$9.43
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 8 moOf the original 30-year loan at 4.160%
Interest already paid$72,190Through Nov 2026
Assumption only · ends Jul 2052$240,837
Assumption + second · ends Jul 2052, second Dec 2056$318,220
New conventional · ends Dec 2056$627,166