Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,709/mo
Lowest payment- Down payment
- $139,002
- Funds due
- $151,971
- Interest + MI left
- $382,846
- First ends
- Apr 2054
Assumption
Assumption + second
$3,449/mo
+$740/mo- Down payment
- $47,002
- Funds due
- $61,244
- Interest + MI left
- $557,337
- First ends
- Apr 2054
New loan
New conventional
$3,532/mo
+$823/mo- Down payment
- $47,002
- Funds due
- $57,104
- Interest + MI left
- $633,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,998 | $325,998 | $417,998 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,154.54 | $2,154.54 | $2,894.13 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $83.60 |
| Taxes, insurance & HOA | $554.17 | $554.17 | $554.17 |
| Total housing payment | $2,708.71 | $3,448.96 | $3,531.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,002
Closing costs & prepaids$14,242
Usable credit−$0
Total buyer cash needed$61,244
Earnest money paid−$0
Remaining funds due$61,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,629.99
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,162.50
Prepaid interest, first (1 days)$59.30
Prepaid interest, second (1 days)$22.68
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$56,826Through Nov 2026
Assumption only · ends Apr 2054$382,846
Assumption + second · ends Apr 2054, second Dec 2056$557,337
New conventional · ends Dec 2056$633,838