Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,492/mo
Lowest payment- Down payment
- $84,055
- Funds due
- $95,682
- Interest + MI left
- $362,833
- First ends
- Jul 2054
Assumption
Assumption + second
$2,862/mo
+$370/mo- Down payment
- $38,055
- Funds due
- $50,943
- Interest + MI left
- $450,079
- First ends
- Jul 2054
New loan
New conventional
$2,944/mo
+$452/mo- Down payment
- $38,055
- Funds due
- $47,042
- Interest + MI left
- $518,583
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,945 | $295,945 | $341,945 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,984.27 | $1,984.27 | $2,367.56 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $68.39 |
| Taxes, insurance & HOA | $507.83 | $507.83 | $507.83 |
| Total housing payment | $2,492.10 | $2,862.23 | $2,943.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,055
Closing costs & prepaids$12,888
Usable credit−$0
Total buyer cash needed$50,943
Earnest money paid−$0
Remaining funds due$50,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,479.72
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)$1,073.50
Prepaid interest, first (1 days)$55.30
Prepaid interest, second (1 days)$11.34
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 closing27 yr 8 moOf the original 30-year loan at 6.820%
Interest already paid$47,754Through Nov 2026
Assumption only · ends Jul 2054$362,833
Assumption + second · ends Jul 2054, second Dec 2056$450,079
New conventional · ends Dec 2056$518,583