Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,529/mo
Lowest payment- Down payment
- $57,253
- Funds due
- $66,294
- Interest + MI left
- $252,435
- First ends
- Feb 2055
Assumption
Assumption + second
$1,771/mo
+$241/mo- Down payment
- $27,253
- Funds due
- $37,551
- Interest + MI left
- $309,334
- First ends
- Feb 2055
New loan
New conventional
$1,886/mo
+$357/mo- Down payment
- $27,253
- Funds due
- $34,176
- Interest + MI left
- $368,142
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,747 | $212,747 | $242,747 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,372.22 | $1,372.22 | $1,680.73 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $48.55 |
| Taxes, insurance & HOA | $157.17 | $157.17 | $157.17 |
| Total housing payment | $1,529.39 | $1,770.77 | $1,886.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,253
Closing costs & prepaids$10,299
Usable credit−$0
Total buyer cash needed$37,551
Earnest money paid−$0
Remaining funds due$37,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,063.74
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)$21.50
Prepaid interest, first (1 days)$37.89
Prepaid interest, second (1 days)$7.40
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$24,464Through Nov 2026
Assumption only · ends Feb 2055$252,435
Assumption + second · ends Feb 2055, second Dec 2056$309,334
New conventional · ends Dec 2056$368,142