Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,537/mo
Lowest payment- Down payment
- $50,960
- Funds due
- $62,158
- Interest + MI left
- $422,379
- First ends
- Sep 2054
Assumption
Assumption + second
$2,853/mo
+$316/mo- Down payment
- $19,960
- Funds due
- $32,418
- Interest + MI left
- $505,100
- First ends
- Sep 2054
New loan
New conventional
$2,893/mo
+$356/mo- Down payment
- $19,960
- Funds due
- $28,481
- Interest + MI left
- $563,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,040 | $339,040 | $370,040 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,279.70 | $2,279.70 | $2,562.08 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $74.01 |
| Taxes, insurance & HOA | $257.00 | $257.00 | $257.00 |
| Total housing payment | $2,536.70 | $2,852.59 | $2,893.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,960
Closing costs & prepaids$12,458
Usable credit−$0
Total buyer cash needed$32,418
Earnest money paid−$0
Remaining funds due$32,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,695.20
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)$321.00
Prepaid interest, first (1 days)$63.81
Prepaid interest, second (1 days)$10.09
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$51,112Through Nov 2026
Assumption only · ends Sep 2054$422,379
Assumption + second · ends Sep 2054, second Dec 2056$505,100
New conventional · ends Dec 2056$563,115