Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $42,357
- Funds due
- $52,484
- Interest + MI left
- $314,373
- First ends
- Oct 2055
Assumption
Assumption + second
$2,250/mo
+$275/mo- Down payment
- $15,357
- Funds due
- $26,752
- Interest + MI left
- $386,420
- First ends
- Oct 2055
New loan
New conventional
$2,354/mo
+$379/mo- Down payment
- $15,357
- Funds due
- $23,273
- Interest + MI left
- $433,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,633 | $257,633 | $284,633 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,648.43 | $1,648.43 | $1,970.74 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $56.93 |
| Taxes, insurance & HOA | $326.58 | $326.58 | $326.58 |
| Total housing payment | $1,975.02 | $2,250.15 | $2,354.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,357
Closing costs & prepaids$11,395
Usable credit−$0
Total buyer cash needed$26,752
Earnest money paid−$0
Remaining funds due$26,752
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%)$1,288.17
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)$529.75
Prepaid interest, first (2 days)$91.76
Prepaid interest, second (2 days)$17.57
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$18,263Through Nov 2026
Assumption only · ends Oct 2055$314,373
Assumption + second · ends Oct 2055, second Dec 2056$386,420
New conventional · ends Dec 2056$433,145