Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,140/mo
Lowest payment- Down payment
- $55,451
- Funds due
- $63,520
- Interest + MI left
- $176,144
- First ends
- Apr 2054
Assumption
Assumption + second
$1,413/mo
+$274/mo- Down payment
- $21,451
- Funds due
- $30,787
- Interest + MI left
- $240,630
- First ends
- Apr 2054
New loan
New conventional
$1,457/mo
+$317/mo- Down payment
- $21,451
- Funds due
- $27,785
- Interest + MI left
- $278,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,449 | $149,449 | $183,449 |
| Second mortgage | — | $34,000 | — |
| First P&I | $989.65 | $989.65 | $1,270.16 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $36.69 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $1,139.65 | $1,413.22 | $1,456.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,451
Closing costs & prepaids$9,336
Usable credit−$0
Total buyer cash needed$30,787
Earnest money paid−$0
Remaining funds due$30,787
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,049.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$747.24
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (2 days)$54.54
Prepaid interest, second (2 days)$16.77
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 closing27 yr 5 moOf the original 30-year loan at 6.660%
Interest already paid$26,128Through Nov 2026
Assumption only · ends Apr 2054$176,144
Assumption + second · ends Apr 2054, second Dec 2056$240,630
New conventional · ends Dec 2056$278,103