Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,591/mo
Lowest payment- Down payment
- $120,825
- Funds due
- $130,608
- Interest + MI left
- $262,046
- First ends
- Jul 2055
Assumption
Assumption + second
$2,299/mo
+$708/mo- Down payment
- $32,825
- Funds due
- $43,879
- Interest + MI left
- $428,951
- First ends
- Jul 2055
New loan
New conventional
$2,316/mo
+$726/mo- Down payment
- $32,825
- Funds due
- $40,487
- Interest + MI left
- $442,893
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,075 | $204,075 | $292,075 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,355.01 | $1,355.01 | $2,022.27 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $58.42 |
| Taxes, insurance & HOA | $235.75 | $235.75 | $235.75 |
| Total housing payment | $1,590.76 | $2,298.82 | $2,316.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,825
Closing costs & prepaids$11,055
Usable credit−$0
Total buyer cash needed$43,879
Earnest money paid−$0
Remaining funds due$43,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,020.38
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)$257.25
Prepaid interest, first (1 days)$38.24
Prepaid interest, second (1 days)$21.70
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 closing28 yr 8 moOf the original 30-year loan at 6.840%
Interest already paid$18,755Through Nov 2026
Assumption only · ends Jul 2055$262,046
Assumption + second · ends Jul 2055, second Dec 2056$428,951
New conventional · ends Dec 2056$442,893