Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,615/mo
Lowest payment- Down payment
- $77,940
- Funds due
- $90,000
- Interest + MI left
- $332,722
- First ends
- Apr 2054
Assumption
Assumption + second
$2,953/mo
+$338/mo- Down payment
- $35,940
- Funds due
- $49,271
- Interest + MI left
- $412,381
- First ends
- Apr 2054
New loan
New conventional
$3,013/mo
+$399/mo- Down payment
- $35,940
- Funds due
- $45,512
- Interest + MI left
- $476,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,960 | $271,960 | $313,960 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,837.94 | $1,837.94 | $2,173.80 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $62.79 |
| Taxes, insurance & HOA | $776.83 | $776.83 | $776.83 |
| Total housing payment | $2,614.77 | $2,952.71 | $3,013.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,940
Closing costs & prepaids$13,330
Usable credit−$0
Total buyer cash needed$49,271
Earnest money paid−$0
Remaining funds due$49,271
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%)$1,359.80
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)$1,880.50
Prepaid interest, first (2 days)$102.38
Prepaid interest, second (2 days)$20.71
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 6.870%
Interest already paid$49,016Through Nov 2026
Assumption only · ends Apr 2054$332,722
Assumption + second · ends Apr 2054, second Dec 2056$412,381
New conventional · ends Dec 2056$476,016