Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,160/mo
Lowest payment- Down payment
- $77,081
- Funds due
- $87,766
- Interest + MI left
- $375,779
- First ends
- Aug 2055
Assumption
Assumption + second
$2,474/mo
+$314/mo- Down payment
- $38,081
- Funds due
- $50,026
- Interest + MI left
- $449,748
- First ends
- Aug 2055
New loan
New conventional
$2,608/mo
+$447/mo- Down payment
- $38,081
- Funds due
- $46,117
- Interest + MI left
- $510,893
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,919 | $297,919 | $336,919 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,952.75 | $1,952.75 | $2,332.76 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $67.38 |
| Taxes, insurance & HOA | $207.75 | $207.75 | $207.75 |
| Total housing payment | $2,160.50 | $2,474.30 | $2,607.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,081
Closing costs & prepaids$11,945
Usable credit−$0
Total buyer cash needed$50,026
Earnest money paid−$0
Remaining funds due$50,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,489.60
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)$173.25
Prepaid interest, first (1 days)$54.85
Prepaid interest, second (1 days)$9.62
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 9 moOf the original 30-year loan at 6.720%
Interest already paid$25,210Through Nov 2026
Assumption only · ends Aug 2055$375,779
Assumption + second · ends Aug 2055, second Dec 2056$449,748
New conventional · ends Dec 2056$510,893