Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,453/mo
Lowest payment- Down payment
- $124,099
- Funds due
- $136,108
- Interest + MI left
- $426,034
- First ends
- Mar 2055
Assumption
Assumption + second
$3,081/mo
+$628/mo- Down payment
- $46,099
- Funds due
- $59,397
- Interest + MI left
- $573,972
- First ends
- Mar 2055
New loan
New conventional
$3,160/mo
+$708/mo- Down payment
- $46,099
- Funds due
- $55,217
- Interest + MI left
- $627,709
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,901 | $335,901 | $413,901 |
| Second mortgage | — | $78,000 | — |
| First P&I | $2,240.99 | $2,240.99 | $2,865.77 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $82.78 |
| Taxes, insurance & HOA | $211.92 | $211.92 | $211.92 |
| Total housing payment | $2,452.90 | $3,080.51 | $3,160.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,099
Closing costs & prepaids$13,298
Usable credit−$0
Total buyer cash needed$59,397
Earnest money paid−$0
Remaining funds due$59,397
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,679.51
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$135.75
Prepaid interest, first (2 days)$126.08
Prepaid interest, second (2 days)$38.47
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 4 moOf the original 30-year loan at 6.850%
Interest already paid$38,721Through Nov 2026
Assumption only · ends Mar 2055$426,034
Assumption + second · ends Mar 2055, second Dec 2056$573,972
New conventional · ends Dec 2056$627,709