Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,463/mo
Lowest payment- Down payment
- $45,215
- Funds due
- $56,357
- Interest + MI left
- $366,765
- First ends
- Apr 2054
Assumption
Assumption + second
$2,739/mo
+$275/mo- Down payment
- $18,215
- Funds due
- $30,624
- Interest + MI left
- $438,812
- First ends
- Apr 2054
New loan
New conventional
$2,765/mo
+$302/mo- Down payment
- $18,215
- Funds due
- $26,903
- Interest + MI left
- $497,225
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,785 | $299,785 | $326,785 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,025.99 | $2,025.99 | $2,262.59 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $65.36 |
| Taxes, insurance & HOA | $437.50 | $437.50 | $437.50 |
| Total housing payment | $2,463.49 | $2,738.62 | $2,765.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,215
Closing costs & prepaids$12,410
Usable credit−$0
Total buyer cash needed$30,624
Earnest money paid−$0
Remaining funds due$30,624
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%)$1,498.93
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)$862.50
Prepaid interest, first (2 days)$112.85
Prepaid interest, second (2 days)$17.57
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 5 moOf the original 30-year loan at 6.870%
Interest already paid$54,031Through Nov 2026
Assumption only · ends Apr 2054$366,765
Assumption + second · ends Apr 2054, second Dec 2056$438,812
New conventional · ends Dec 2056$497,225