Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $107,784
- Funds due
- $117,638
- Interest + MI left
- $273,064
- First ends
- Jul 2054
Assumption
Assumption + second
$2,318/mo
+$603/mo- Down payment
- $32,784
- Funds due
- $43,906
- Interest + MI left
- $415,312
- First ends
- Jul 2054
New loan
New conventional
$2,316/mo
+$601/mo- Down payment
- $32,784
- Funds due
- $40,453
- Interest + MI left
- $441,590
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,216 | $216,216 | $291,216 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,473.73 | $1,473.73 | $2,016.32 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $58.24 |
| Taxes, insurance & HOA | $241.08 | $241.08 | $241.08 |
| Total housing payment | $1,714.82 | $2,318.28 | $2,315.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,784
Closing costs & prepaids$11,122
Usable credit−$0
Total buyer cash needed$43,906
Earnest money paid−$0
Remaining funds due$43,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,081.08
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)$273.25
Prepaid interest, first (1 days)$41.41
Prepaid interest, second (1 days)$18.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.990%
Interest already paid$35,743Through Nov 2026
Assumption only · ends Jul 2054$273,064
Assumption + second · ends Jul 2054, second Dec 2056$415,312
New conventional · ends Dec 2056$441,590