Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,523/mo
Lowest payment- Down payment
- $98,740
- Funds due
- $111,423
- Interest + MI left
- $303,105
- First ends
- Jul 2052
Assumption
Assumption + second
$2,925/mo
+$402/mo- Down payment
- $48,740
- Funds due
- $62,697
- Interest + MI left
- $397,937
- First ends
- Jul 2052
New loan
New conventional
$3,373/mo
+$850/mo- Down payment
- $48,740
- Funds due
- $58,305
- Interest + MI left
- $653,797
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,160 | $381,160 | $431,160 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,221.64 | $2,221.64 | $2,985.26 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $86.23 |
| Taxes, insurance & HOA | $301.25 | $301.25 | $301.25 |
| Total housing payment | $2,522.89 | $2,925.20 | $3,372.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,740
Closing costs & prepaids$13,958
Usable credit−$0
Total buyer cash needed$62,697
Earnest money paid−$0
Remaining funds due$62,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,905.80
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)$403.75
Prepaid interest, first (2 days)$106.52
Prepaid interest, second (2 days)$24.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.100%
Interest already paid$87,506Through Nov 2026
Assumption only · ends Jul 2052$303,105
Assumption + second · ends Jul 2052, second Dec 2056$397,937
New conventional · ends Dec 2056$653,797