Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,441/mo
Lowest payment- Down payment
- $120,767
- Funds due
- $134,828
- Interest + MI left
- $540,488
- First ends
- Feb 2054
Assumption
Assumption + second
$3,989/mo
+$547/mo- Down payment
- $52,767
- Funds due
- $68,112
- Interest + MI left
- $669,460
- First ends
- Feb 2054
New loan
New conventional
$3,916/mo
+$475/mo- Down payment
- $52,767
- Funds due
- $63,513
- Interest + MI left
- $716,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,233 | $404,233 | $472,233 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,889.05 | $2,889.05 | $3,269.65 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $94.45 |
| Taxes, insurance & HOA | $552.33 | $552.33 | $552.33 |
| Total housing payment | $3,441.39 | $3,988.53 | $3,916.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,767
Closing costs & prepaids$15,344
Usable credit−$0
Total buyer cash needed$68,112
Earnest money paid−$0
Remaining funds due$68,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,021.16
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)$1,157.00
Prepaid interest, first (2 days)$164.79
Prepaid interest, second (2 days)$33.53
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$83,946Through Nov 2026
Assumption only · ends Feb 2054$540,488
Assumption + second · ends Feb 2054, second Dec 2056$669,460
New conventional · ends Dec 2056$716,173