Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $123,119
- Funds due
- $133,541
- Interest + MI left
- $127,741
- First ends
- Sep 2052
Assumption
Assumption + second
$2,217/mo
+$724/mo- Down payment
- $33,119
- Funds due
- $44,901
- Interest + MI left
- $298,438
- First ends
- Sep 2052
New loan
New conventional
$2,462/mo
+$969/mo- Down payment
- $33,119
- Funds due
- $41,579
- Interest + MI left
- $426,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,881 | $201,881 | $291,881 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,066.74 | $1,066.74 | $1,977.30 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $58.38 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $1,492.99 | $2,217.15 | $2,461.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,119
Closing costs & prepaids$11,782
Usable credit−$0
Total buyer cash needed$44,901
Earnest money paid−$0
Remaining funds due$44,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,009.40
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)$828.75
Prepaid interest, first (5 days)$115.32
Prepaid interest, second (5 days)$110.96
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 9 moOf the original 30-year loan at 4.17%
Interest already paid$37,362Through Dec 2026
Assumption only · ends Sep 2052$127,741
Assumption + second · ends Sep 2052, second Jan 2057$298,438
New conventional · ends Jan 2057$426,720