Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,261/mo
Lowest payment- Down payment
- $78,810
- Funds due
- $89,855
- Interest + MI left
- $359,043
- First ends
- May 2055
Assumption
Assumption + second
$2,599/mo
+$338/mo- Down payment
- $36,810
- Funds due
- $49,125
- Interest + MI left
- $438,702
- First ends
- May 2055
New loan
New conventional
$2,691/mo
+$430/mo- Down payment
- $36,810
- Funds due
- $45,314
- Interest + MI left
- $489,923
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,090 | $281,090 | $323,090 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,871.73 | $1,871.73 | $2,237.01 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $64.62 |
| Taxes, insurance & HOA | $388.92 | $388.92 | $388.92 |
| Total housing payment | $2,260.65 | $2,598.59 | $2,690.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,810
Closing costs & prepaids$12,315
Usable credit−$0
Total buyer cash needed$49,125
Earnest money paid−$0
Remaining funds due$49,125
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,405.45
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)$716.75
Prepaid interest, first (2 days)$105.50
Prepaid interest, second (2 days)$20.71
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 closing28 yr 6 moOf the original 30-year loan at 6.850%
Interest already paid$29,133Through Nov 2026
Assumption only · ends May 2055$359,043
Assumption + second · ends May 2055, second Dec 2056$438,702
New conventional · ends Dec 2056$489,923