Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $89,780
- Funds due
- $99,901
- Interest + MI left
- $186,676
- First ends
- Jul 2052
Assumption
Assumption + second
$2,109/mo
+$451/mo- Down payment
- $33,780
- Funds due
- $45,165
- Interest + MI left
- $292,888
- First ends
- Jul 2052
New loan
New conventional
$2,383/mo
+$724/mo- Down payment
- $33,780
- Funds due
- $41,596
- Interest + MI left
- $449,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,220 | $240,220 | $296,220 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,386.03 | $1,386.03 | $2,050.97 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $59.24 |
| Taxes, insurance & HOA | $272.83 | $272.83 | $272.83 |
| Total housing payment | $1,658.86 | $2,109.45 | $2,383.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,780
Closing costs & prepaids$11,384
Usable credit−$0
Total buyer cash needed$45,165
Earnest money paid−$0
Remaining funds due$45,165
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,201.10
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)$368.50
Prepaid interest, first (1 days)$32.91
Prepaid interest, second (1 days)$13.81
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 5.000%
Interest already paid$54,102Through Nov 2026
Assumption only · ends Jul 2052$186,676
Assumption + second · ends Jul 2052, second Dec 2056$292,888
New conventional · ends Dec 2056$449,178