Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,531/mo
Lowest payment- Down payment
- $47,267
- Funds due
- $58,720
- Interest + MI left
- $432,102
- First ends
- Nov 2055
Assumption
Assumption + second
$2,806/mo
+$275/mo- Down payment
- $20,267
- Funds due
- $32,988
- Interest + MI left
- $504,149
- First ends
- Nov 2055
New loan
New conventional
$2,960/mo
+$429/mo- Down payment
- $20,267
- Funds due
- $29,013
- Interest + MI left
- $570,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,733 | $347,733 | $374,733 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,240.91 | $2,240.91 | $2,594.58 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $74.95 |
| Taxes, insurance & HOA | $290.42 | $290.42 | $290.42 |
| Total housing payment | $2,531.32 | $2,806.45 | $2,959.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,267
Closing costs & prepaids$12,721
Usable credit−$0
Total buyer cash needed$32,988
Earnest money paid−$0
Remaining funds due$32,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,738.67
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)$421.25
Prepaid interest, first (2 days)$125.37
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 closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$23,020Through Nov 2026
Assumption only · ends Nov 2055$432,102
Assumption + second · ends Nov 2055, second Dec 2056$504,149
New conventional · ends Dec 2056$570,256