Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $60,540
- Funds due
- $70,749
- Interest + MI left
- $216,160
- First ends
- Jul 2052
Assumption
Assumption + second
$2,020/mo
+$209/mo- Down payment
- $34,540
- Funds due
- $46,006
- Interest + MI left
- $265,473
- First ends
- Jul 2052
New loan
New conventional
$2,378/mo
+$567/mo- Down payment
- $34,540
- Funds due
- $42,237
- Interest + MI left
- $463,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,460 | $279,460 | $305,460 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,609.16 | $1,609.16 | $2,114.94 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $61.09 |
| Taxes, insurance & HOA | $201.92 | $201.92 | $201.92 |
| Total housing payment | $1,811.07 | $2,020.28 | $2,377.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,540
Closing costs & prepaids$11,466
Usable credit−$0
Total buyer cash needed$46,006
Earnest money paid−$0
Remaining funds due$46,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,397.30
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)$155.75
Prepaid interest, first (1 days)$38.13
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$62,696Through Nov 2026
Assumption only · ends Jul 2052$216,160
Assumption + second · ends Jul 2052, second Dec 2056$265,473
New conventional · ends Dec 2056$463,190