Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,772/mo
Lowest payment- Down payment
- $55,593
- Funds due
- $69,832
- Interest + MI left
- $503,838
- First ends
- Jan 2054
Assumption
Assumption + second
$4,118/mo
+$346/mo- Down payment
- $21,593
- Funds due
- $37,105
- Interest + MI left
- $594,564
- First ends
- Jan 2054
New loan
New conventional
$3,926/mo
+$155/mo- Down payment
- $21,593
- Funds due
- $33,033
- Interest + MI left
- $598,674
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,407 | $359,407 | $393,407 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,647.99 | $2,647.99 | $2,723.87 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $78.68 |
| Taxes, insurance & HOA | $1,123.75 | $1,123.75 | $1,123.75 |
| Total housing payment | $3,771.74 | $4,118.20 | $3,926.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,593
Closing costs & prepaids$15,511
Usable credit−$0
Total buyer cash needed$37,105
Earnest money paid−$0
Remaining funds due$37,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,797.03
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)$2,921.25
Prepaid interest, first (2 days)$152.82
Prepaid interest, second (2 days)$22.12
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 2 moOf the original 30-year loan at 7.760%
Interest already paid$80,176Through Nov 2026
Assumption only · ends Jan 2054$503,838
Assumption + second · ends Jan 2054, second Dec 2056$594,564
New conventional · ends Dec 2056$598,674