Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,862/mo
Lowest payment- Down payment
- $52,091
- Funds due
- $61,915
- Interest + MI left
- $284,076
- First ends
- Oct 2054
Assumption
Assumption + second
$2,239/mo
+$377/mo- Down payment
- $15,091
- Funds due
- $26,189
- Interest + MI left
- $382,807
- First ends
- Oct 2054
New loan
New conventional
$2,241/mo
+$380/mo- Down payment
- $15,091
- Funds due
- $22,830
- Interest + MI left
- $410,685
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,909 | $232,909 | $269,909 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,543.24 | $1,543.24 | $1,868.80 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $53.98 |
| Taxes, insurance & HOA | $318.58 | $318.58 | $318.58 |
| Total housing payment | $1,861.82 | $2,238.85 | $2,241.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,091
Closing costs & prepaids$11,098
Usable credit−$0
Total buyer cash needed$26,189
Earnest money paid−$0
Remaining funds due$26,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,164.54
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)$505.75
Prepaid interest, first (2 days)$85.89
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 11 moOf the original 30-year loan at 6.730%
Interest already paid$33,067Through Nov 2026
Assumption only · ends Oct 2054$284,076
Assumption + second · ends Oct 2054, second Dec 2056$382,807
New conventional · ends Dec 2056$410,685