Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,635/mo
Lowest payment- Down payment
- $49,304
- Funds due
- $61,171
- Interest + MI left
- $374,343
- First ends
- Jul 2055
Assumption
Assumption + second
$2,961/mo
+$326/mo- Down payment
- $17,304
- Funds due
- $30,442
- Interest + MI left
- $459,732
- First ends
- Jul 2055
New loan
New conventional
$3,022/mo
+$387/mo- Down payment
- $17,304
- Funds due
- $26,751
- Interest + MI left
- $498,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,696 | $295,696 | $327,696 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,947.79 | $1,947.79 | $2,268.90 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $65.54 |
| Taxes, insurance & HOA | $687.25 | $687.25 | $687.25 |
| Total housing payment | $2,635.04 | $2,961.12 | $3,021.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,304
Closing costs & prepaids$13,139
Usable credit−$0
Total buyer cash needed$30,442
Earnest money paid−$0
Remaining funds due$30,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,478.48
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)$1,611.75
Prepaid interest, first (2 days)$109.53
Prepaid interest, second (2 days)$20.82
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 8 moOf the original 30-year loan at 6.760%
Interest already paid$26,861Through Nov 2026
Assumption only · ends Jul 2055$374,343
Assumption + second · ends Jul 2055, second Dec 2056$459,732
New conventional · ends Dec 2056$498,743