Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,157/mo
Lowest payment- Down payment
- $70,486
- Funds due
- $81,145
- Interest + MI left
- $345,199
- First ends
- Feb 2055
Assumption
Assumption + second
$2,439/mo
+$282/mo- Down payment
- $35,486
- Funds due
- $47,404
- Interest + MI left
- $411,582
- First ends
- Feb 2055
New loan
New conventional
$2,555/mo
+$398/mo- Down payment
- $35,486
- Funds due
- $43,612
- Interest + MI left
- $476,919
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,514 | $279,514 | $314,514 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,842.81 | $1,842.81 | $2,177.63 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $314.08 | $314.08 | $314.08 |
| Total housing payment | $2,156.90 | $2,438.51 | $2,554.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,486
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$47,404
Earnest money paid−$0
Remaining funds due$47,404
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,397.57
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)$492.25
Prepaid interest, first (1 days)$51.46
Prepaid interest, second (1 days)$8.63
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 3 moOf the original 30-year loan at 6.720%
Interest already paid$33,215Through Nov 2026
Assumption only · ends Feb 2055$345,199
Assumption + second · ends Feb 2055, second Dec 2056$411,582
New conventional · ends Dec 2056$476,919