Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,051/mo
Lowest payment- Down payment
- $106,150
- Funds due
- $117,019
- Interest + MI left
- $315,198
- First ends
- Aug 2055
Assumption
Assumption + second
$2,622/mo
+$571/mo- Down payment
- $35,150
- Funds due
- $47,304
- Interest + MI left
- $449,860
- First ends
- Aug 2055
New loan
New conventional
$2,673/mo
+$622/mo- Down payment
- $35,150
- Funds due
- $43,692
- Interest + MI left
- $477,340
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,750 | $243,750 | $314,750 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,620.14 | $1,620.14 | $2,179.27 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $62.95 |
| Taxes, insurance & HOA | $430.67 | $430.67 | $430.67 |
| Total housing payment | $2,050.81 | $2,622.09 | $2,672.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,150
Closing costs & prepaids$12,154
Usable credit−$0
Total buyer cash needed$47,304
Earnest money paid−$0
Remaining funds due$47,304
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,218.75
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)$842.00
Prepaid interest, first (2 days)$91.62
Prepaid interest, second (2 days)$35.01
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 9 moOf the original 30-year loan at 6.860%
Interest already paid$21,052Through Nov 2026
Assumption only · ends Aug 2055$315,198
Assumption + second · ends Aug 2055, second Dec 2056$449,860
New conventional · ends Dec 2056$477,340