Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,472/mo
Lowest payment- Down payment
- $122,077
- Funds due
- $131,672
- Interest + MI left
- $210,827
- First ends
- Apr 2054
Assumption
Assumption + second
$2,212/mo
+$740/mo- Down payment
- $30,077
- Funds due
- $40,967
- Interest + MI left
- $385,318
- First ends
- Apr 2054
New loan
New conventional
$2,213/mo
+$741/mo- Down payment
- $30,077
- Funds due
- $37,732
- Interest + MI left
- $409,341
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,913 | $177,913 | $269,913 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,181.58 | $1,181.58 | $1,868.82 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $53.98 |
| Taxes, insurance & HOA | $290.58 | $290.58 | $290.58 |
| Total housing payment | $1,472.16 | $2,212.42 | $2,213.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,077
Closing costs & prepaids$10,890
Usable credit−$0
Total buyer cash needed$40,967
Earnest money paid−$0
Remaining funds due$40,967
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$889.56
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)$421.75
Prepaid interest, first (2 days)$65.22
Prepaid interest, second (2 days)$45.37
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 6.690%
Interest already paid$31,242Through Nov 2026
Assumption only · ends Apr 2054$210,827
Assumption + second · ends Apr 2054, second Dec 2056$385,318
New conventional · ends Dec 2056$409,341