Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,805/mo
Lowest payment- Down payment
- $81,024
- Funds due
- $93,064
- Interest + MI left
- $472,613
- First ends
- Sep 2054
Assumption
Assumption + second
$3,095/mo
+$290/mo- Down payment
- $45,024
- Funds due
- $58,323
- Interest + MI left
- $540,892
- First ends
- Sep 2054
New loan
New conventional
$3,170/mo
+$365/mo- Down payment
- $45,024
- Funds due
- $53,987
- Interest + MI left
- $614,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,976 | $368,976 | $404,976 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,519.73 | $2,519.73 | $2,803.97 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $81.00 |
| Taxes, insurance & HOA | $285.50 | $285.50 | $285.50 |
| Total housing payment | $2,805.23 | $3,094.89 | $3,170.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,024
Closing costs & prepaids$13,299
Usable credit−$0
Total buyer cash needed$58,323
Earnest money paid−$0
Remaining funds due$58,323
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,844.88
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)$406.50
Prepaid interest, first (1 days)$71.07
Prepaid interest, second (1 days)$8.88
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 10 moOf the original 30-year loan at 7.030%
Interest already paid$56,899Through Nov 2026
Assumption only · ends Sep 2054$472,613
Assumption + second · ends Sep 2054, second Dec 2056$540,892
New conventional · ends Dec 2056$614,173