Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,944/mo
Lowest payment- Down payment
- $46,261
- Funds due
- $58,554
- Interest + MI left
- $424,661
- First ends
- Aug 2054
Assumption
Assumption + second
$3,219/mo
+$275/mo- Down payment
- $19,261
- Funds due
- $32,813
- Interest + MI left
- $496,708
- First ends
- Aug 2054
New loan
New conventional
$3,232/mo
+$288/mo- Down payment
- $19,261
- Funds due
- $28,914
- Interest + MI left
- $547,439
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,739 | $332,739 | $359,739 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,274.48 | $2,274.48 | $2,490.76 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $71.95 |
| Taxes, insurance & HOA | $669.25 | $669.25 | $669.25 |
| Total housing payment | $2,943.73 | $3,218.86 | $3,231.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,261
Closing costs & prepaids$13,552
Usable credit−$0
Total buyer cash needed$32,813
Earnest money paid−$0
Remaining funds due$32,813
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,663.70
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)$1,557.75
Prepaid interest, first (1 days)$64.09
Prepaid interest, second (1 days)$8.78
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 9 moOf the original 30-year loan at 7.030%
Interest already paid$53,312Through Nov 2026
Assumption only · ends Aug 2054$424,661
Assumption + second · ends Aug 2054, second Dec 2056$496,708
New conventional · ends Dec 2056$547,439