Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,350/mo
Lowest payment- Down payment
- $86,420
- Funds due
- $101,121
- Interest + MI left
- $408,933
- First ends
- Aug 2052
Assumption
Assumption + second
$3,559/mo
+$209/mo- Down payment
- $60,420
- Funds due
- $76,377
- Interest + MI left
- $458,246
- First ends
- Aug 2052
New loan
New conventional
$4,208/mo
+$858/mo- Down payment
- $60,420
- Funds due
- $71,193
- Interest + MI left
- $818,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,480 | $513,480 | $539,480 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,985.16 | $2,985.16 | $3,735.25 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $107.90 |
| Taxes, insurance & HOA | $364.75 | $364.75 | $364.75 |
| Total housing payment | $3,349.91 | $3,559.11 | $4,207.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,420
Closing costs & prepaids$15,957
Usable credit−$0
Total buyer cash needed$76,377
Earnest money paid−$0
Remaining funds due$76,377
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,567.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$594.25
Prepaid interest, first (1 days)$71.61
Prepaid interest, second (1 days)$6.41
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 5.090%
Interest already paid$115,297Through Nov 2026
Assumption only · ends Aug 2052$408,933
Assumption + second · ends Aug 2052, second Dec 2056$458,246
New conventional · ends Dec 2056$818,158