Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,631/mo
Lowest payment- Down payment
- $76,115
- Funds due
- $89,065
- Interest + MI left
- $300,041
- First ends
- Jul 2052
Assumption
Assumption + second
$2,840/mo
+$209/mo- Down payment
- $50,115
- Funds due
- $64,322
- Interest + MI left
- $349,354
- First ends
- Jul 2052
New loan
New conventional
$3,462/mo
+$831/mo- Down payment
- $50,115
- Funds due
- $59,719
- Interest + MI left
- $673,093
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,885 | $417,885 | $443,885 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,330.93 | $2,330.93 | $3,073.37 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $88.78 |
| Taxes, insurance & HOA | $299.92 | $299.92 | $299.92 |
| Total housing payment | $2,630.85 | $2,840.05 | $3,462.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,115
Closing costs & prepaids$14,207
Usable credit−$0
Total buyer cash needed$64,322
Earnest money paid−$0
Remaining funds due$64,322
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,089.43
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)$399.75
Prepaid interest, first (1 days)$53.47
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 4.670%
Interest already paid$88,094Through Nov 2026
Assumption only · ends Jul 2052$300,041
Assumption + second · ends Jul 2052, second Dec 2056$349,354
New conventional · ends Dec 2056$673,093