Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,508/mo
Lowest payment- Down payment
- $58,182
- Funds due
- $67,319
- Interest + MI left
- $247,799
- First ends
- Dec 2055
Assumption
Assumption + second
$1,757/mo
+$249/mo- Down payment
- $27,182
- Funds due
- $37,576
- Interest + MI left
- $306,595
- First ends
- Dec 2055
New loan
New conventional
$1,921/mo
+$413/mo- Down payment
- $27,182
- Funds due
- $34,208
- Interest + MI left
- $368,248
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,817 | $211,817 | $242,817 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,316.95 | $1,316.95 | $1,681.22 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $48.56 |
| Taxes, insurance & HOA | $191.08 | $191.08 | $191.08 |
| Total housing payment | $1,508.03 | $1,757.47 | $1,920.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,182
Closing costs & prepaids$10,394
Usable credit−$0
Total buyer cash needed$37,576
Earnest money paid−$0
Remaining funds due$37,576
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,059.08
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)$123.25
Prepaid interest, first (1 days)$36.21
Prepaid interest, second (1 days)$7.64
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 closing29 yr 1 moOf the original 30-year loan at 6.240%
Interest already paid$12,188Through Nov 2026
Assumption only · ends Dec 2055$247,799
Assumption + second · ends Dec 2055, second Dec 2056$306,595
New conventional · ends Dec 2056$368,248