Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,947/mo
Lowest payment- Down payment
- $48,289
- Funds due
- $58,251
- Interest + MI left
- $316,512
- First ends
- Nov 2054
Assumption
Assumption + second
$2,273/mo
+$326/mo- Down payment
- $16,289
- Funds due
- $27,511
- Interest + MI left
- $401,901
- First ends
- Nov 2054
New loan
New conventional
$2,359/mo
+$412/mo- Down payment
- $16,289
- Funds due
- $23,950
- Interest + MI left
- $462,025
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,611 | $271,611 | $303,611 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,750.36 | $1,750.36 | $2,102.14 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $60.72 |
| Taxes, insurance & HOA | $196.17 | $196.17 | $196.17 |
| Total housing payment | $1,946.53 | $2,272.61 | $2,359.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,289
Closing costs & prepaids$11,222
Usable credit−$0
Total buyer cash needed$27,511
Earnest money paid−$0
Remaining funds due$27,511
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,358.05
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)$138.50
Prepaid interest, first (1 days)$48.07
Prepaid interest, second (1 days)$10.41
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 yrOf the original 30-year loan at 6.460%
Interest already paid$35,537Through Nov 2026
Assumption only · ends Nov 2054$316,512
Assumption + second · ends Nov 2054, second Dec 2056$401,901
New conventional · ends Dec 2056$462,025