Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $92,896
- Funds due
- $105,190
- Interest + MI left
- $129,697
- First ends
- Feb 2052
Assumption
Assumption + second
$2,487/mo
+$418/mo- Down payment
- $40,896
- Funds due
- $54,505
- Interest + MI left
- $228,323
- First ends
- Feb 2052
New loan
New conventional
$3,126/mo
+$1,057/mo- Down payment
- $40,896
- Funds due
- $50,682
- Interest + MI left
- $524,698
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,899 | $306,899 | $358,899 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,445.68 | $1,445.68 | $2,431.31 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $71.78 |
| Taxes, insurance & HOA | $623.08 | $623.08 | $623.08 |
| Total housing payment | $2,068.77 | $2,487.17 | $3,126.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,896
Closing costs & prepaids$13,609
Usable credit−$0
Total buyer cash needed$54,505
Earnest money paid−$0
Remaining funds due$54,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,997.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.50
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)$1,419.25
Prepaid interest, first (5 days)$125.28
Prepaid interest, second (5 days)$64.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2 moOf the original 30-year loan at 2.98%
Interest already paid$46,969Through Dec 2026
Assumption only · ends Feb 2052$129,697
Assumption + second · ends Feb 2052, second Jan 2057$228,323
New conventional · ends Jan 2057$524,698