Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,132/mo
Lowest payment- Down payment
- $58,533
- Funds due
- $71,377
- Interest + MI left
- $534,741
- First ends
- Apr 2055
Assumption
Assumption + second
$3,488/mo
+$357/mo- Down payment
- $23,533
- Funds due
- $37,638
- Interest + MI left
- $628,135
- First ends
- Apr 2055
New loan
New conventional
$3,517/mo
+$385/mo- Down payment
- $23,533
- Funds due
- $33,327
- Interest + MI left
- $671,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,467 | $406,467 | $441,467 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,760.14 | $2,760.14 | $3,056.63 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $88.29 |
| Taxes, insurance & HOA | $371.58 | $371.58 | $371.58 |
| Total housing payment | $3,131.72 | $3,488.37 | $3,516.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,533
Closing costs & prepaids$14,105
Usable credit−$0
Total buyer cash needed$37,638
Earnest money paid−$0
Remaining funds due$37,638
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,032.33
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)$614.75
Prepaid interest, first (1 days)$78.40
Prepaid interest, second (1 days)$11.39
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 7.040%
Interest already paid$45,709Through Nov 2026
Assumption only · ends Apr 2055$534,741
Assumption + second · ends Apr 2055, second Dec 2056$628,135
New conventional · ends Dec 2056$671,810