Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
Lowest payment- Down payment
- $52,581
- Funds due
- $62,895
- Interest + MI left
- $354,124
- First ends
- Dec 2055
Assumption
Assumption + second
$2,377/mo
+$357/mo- Down payment
- $17,581
- Funds due
- $29,167
- Interest + MI left
- $447,518
- First ends
- Dec 2055
New loan
New conventional
$2,518/mo
+$497/mo- Down payment
- $17,581
- Funds due
- $25,475
- Interest + MI left
- $504,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,419 | $296,419 | $331,419 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,864.02 | $1,864.02 | $2,294.68 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $66.28 |
| Taxes, insurance & HOA | $156.67 | $156.67 | $156.67 |
| Total housing payment | $2,020.69 | $2,377.34 | $2,517.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,581
Closing costs & prepaids$11,586
Usable credit−$0
Total buyer cash needed$29,167
Earnest money paid−$0
Remaining funds due$29,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,482.09
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)$20.00
Prepaid interest, first (2 days)$103.14
Prepaid interest, second (2 days)$22.77
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 closing29 yr 1 moOf the original 30-year loan at 6.350%
Interest already paid$17,355Through Nov 2026
Assumption only · ends Dec 2055$354,124
Assumption + second · ends Dec 2055, second Dec 2056$447,518
New conventional · ends Dec 2056$504,409