Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $58,624
- Funds due
- $70,480
- Interest + MI left
- $457,170
- First ends
- Aug 2054
Assumption
Assumption + second
$3,159/mo
+$377/mo- Down payment
- $21,624
- Funds due
- $34,754
- Interest + MI left
- $555,901
- First ends
- Aug 2054
New loan
New conventional
$3,142/mo
+$359/mo- Down payment
- $21,624
- Funds due
- $30,710
- Interest + MI left
- $598,627
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,376 | $356,376 | $393,376 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,443.08 | $2,443.08 | $2,723.66 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $78.68 |
| Taxes, insurance & HOA | $339.25 | $339.25 | $339.25 |
| Total housing payment | $2,782.33 | $3,159.36 | $3,141.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,624
Closing costs & prepaids$13,130
Usable credit−$0
Total buyer cash needed$34,754
Earnest money paid−$0
Remaining funds due$34,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,781.88
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)$567.75
Prepaid interest, first (2 days)$137.86
Prepaid interest, second (2 days)$24.08
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 closing27 yr 9 moOf the original 30-year loan at 7.060%
Interest already paid$57,339Through Nov 2026
Assumption only · ends Aug 2054$457,170
Assumption + second · ends Aug 2054, second Dec 2056$555,901
New conventional · ends Dec 2056$598,627