Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,043/mo
Lowest payment- Down payment
- $51,163
- Funds due
- $63,266
- Interest + MI left
- $505,952
- First ends
- Feb 2054
Assumption
Assumption + second
$3,338/mo
+$296/mo- Down payment
- $22,163
- Funds due
- $35,525
- Interest + MI left
- $583,336
- First ends
- Feb 2054
New loan
New conventional
$3,279/mo
+$236/mo- Down payment
- $22,163
- Funds due
- $31,319
- Interest + MI left
- $634,412
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,837 | $387,837 | $416,837 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,733.30 | $2,733.30 | $2,886.10 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $83.37 |
| Taxes, insurance & HOA | $309.25 | $309.25 | $309.25 |
| Total housing payment | $3,042.55 | $3,338.06 | $3,278.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,163
Closing costs & prepaids$13,362
Usable credit−$0
Total buyer cash needed$35,525
Earnest money paid−$0
Remaining funds due$35,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,939.18
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)$477.75
Prepaid interest, first (1 days)$77.46
Prepaid interest, second (1 days)$9.43
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 3 moOf the original 30-year loan at 7.290%
Interest already paid$78,951Through Nov 2026
Assumption only · ends Feb 2054$505,952
Assumption + second · ends Feb 2054, second Dec 2056$583,336
New conventional · ends Dec 2056$634,412