Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,891/mo
Lowest payment- Down payment
- $126,022
- Funds due
- $136,568
- Interest + MI left
- $319,147
- First ends
- May 2055
Assumption
Assumption + second
$2,599/mo
+$708/mo- Down payment
- $38,022
- Funds due
- $49,861
- Interest + MI left
- $486,051
- First ends
- May 2055
New loan
New conventional
$2,630/mo
+$739/mo- Down payment
- $38,022
- Funds due
- $46,193
- Interest + MI left
- $510,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,978 | $248,978 | $336,978 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,661.18 | $1,661.18 | $2,333.17 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $67.40 |
| Taxes, insurance & HOA | $229.75 | $229.75 | $229.75 |
| Total housing payment | $1,890.93 | $2,599.00 | $2,630.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,022
Closing costs & prepaids$11,839
Usable credit−$0
Total buyer cash needed$49,861
Earnest money paid−$0
Remaining funds due$49,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,244.89
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)$239.25
Prepaid interest, first (2 days)$93.72
Prepaid interest, second (2 days)$43.40
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 closing28 yr 6 moOf the original 30-year loan at 6.870%
Interest already paid$25,879Through Nov 2026
Assumption only · ends May 2055$319,147
Assumption + second · ends May 2055, second Dec 2056$486,051
New conventional · ends Dec 2056$510,982