Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,835/mo
Lowest payment- Down payment
- $81,640
- Funds due
- $94,660
- Interest + MI left
- $367,619
- First ends
- Sep 2052
Assumption
Assumption + second
$3,084/mo
+$249/mo- Down payment
- $50,640
- Funds due
- $64,918
- Interest + MI left
- $426,415
- First ends
- Sep 2052
New loan
New conventional
$3,500/mo
+$665/mo- Down payment
- $50,640
- Funds due
- $60,297
- Interest + MI left
- $681,243
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,260 | $418,260 | $449,260 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,535.09 | $2,535.09 | $3,110.59 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $89.85 |
| Taxes, insurance & HOA | $299.58 | $299.58 | $299.58 |
| Total housing payment | $2,834.68 | $3,084.11 | $3,500.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,640
Closing costs & prepaids$14,278
Usable credit−$0
Total buyer cash needed$64,918
Earnest money paid−$0
Remaining funds due$64,918
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,091.30
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)$398.75
Prepaid interest, first (1 days)$63.25
Prepaid interest, second (1 days)$7.64
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$99,515Through Nov 2026
Assumption only · ends Sep 2052$367,619
Assumption + second · ends Sep 2052, second Dec 2056$426,415
New conventional · ends Dec 2056$681,243