Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,062/mo
Lowest payment- Down payment
- $51,344
- Funds due
- $64,041
- Interest + MI left
- $505,315
- First ends
- Jun 2054
Assumption
Assumption + second
$3,347/mo
+$285/mo- Down payment
- $23,344
- Funds due
- $37,309
- Interest + MI left
- $580,030
- First ends
- Jun 2054
New loan
New conventional
$3,432/mo
+$370/mo- Down payment
- $23,344
- Funds due
- $32,971
- Interest + MI left
- $672,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,656 | $413,656 | $441,656 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,776.35 | $2,776.35 | $3,057.94 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $88.33 |
| Taxes, insurance & HOA | $285.33 | $285.33 | $285.33 |
| Total housing payment | $3,061.68 | $3,347.00 | $3,431.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,344
Closing costs & prepaids$13,965
Usable credit−$0
Total buyer cash needed$37,309
Earnest money paid−$0
Remaining funds due$37,309
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%)$2,068.28
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)$356.00
Prepaid interest, first (2 days)$154.58
Prepaid interest, second (2 days)$18.22
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$69,170Through Nov 2026
Assumption only · ends Jun 2054$505,315
Assumption + second · ends Jun 2054, second Dec 2056$580,030
New conventional · ends Dec 2056$672,186