Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,815/mo
Lowest payment- Down payment
- $138,295
- Funds due
- $148,784
- Interest + MI left
- $290,591
- First ends
- Apr 2055
Assumption
Assumption + second
$2,556/mo
+$741/mo- Down payment
- $37,295
- Funds due
- $49,056
- Interest + MI left
- $456,388
- First ends
- Apr 2055
New loan
New conventional
$2,633/mo
+$818/mo- Down payment
- $37,295
- Funds due
- $45,508
- Interest + MI left
- $496,921
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,705 | $226,705 | $327,705 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,517.00 | $1,517.00 | $2,268.96 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $65.54 |
| Taxes, insurance & HOA | $298.33 | $298.33 | $298.33 |
| Total housing payment | $1,815.33 | $2,556.43 | $2,632.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,295
Closing costs & prepaids$11,761
Usable credit−$0
Total buyer cash needed$49,056
Earnest money paid−$0
Remaining funds due$49,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,133.53
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)$445.00
Prepaid interest, first (1 days)$42.79
Prepaid interest, second (1 days)$22.14
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 closing28 yr 5 moOf the original 30-year loan at 6.890%
Interest already paid$24,957Through Nov 2026
Assumption only · ends Apr 2055$290,591
Assumption + second · ends Apr 2055, second Dec 2056$456,388
New conventional · ends Dec 2056$496,921