Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,590/mo
Lowest payment- Down payment
- $146,495
- Funds due
- $159,285
- Interest + MI left
- $432,852
- First ends
- Nov 2055
Assumption
Assumption + second
$3,363/mo
+$772/mo- Down payment
- $50,495
- Funds due
- $64,559
- Interest + MI left
- $614,929
- First ends
- Nov 2055
New loan
New conventional
$3,533/mo
+$943/mo- Down payment
- $50,495
- Funds due
- $60,248
- Interest + MI left
- $681,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,504 | $353,504 | $449,504 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,259.64 | $2,259.64 | $3,112.27 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $89.90 |
| Taxes, insurance & HOA | $330.58 | $330.58 | $330.58 |
| Total housing payment | $2,590.23 | $3,362.66 | $3,532.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,495
Closing costs & prepaids$14,064
Usable credit−$0
Total buyer cash needed$64,559
Earnest money paid−$0
Remaining funds due$64,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,767.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$491.75
Prepaid interest, first (1 days)$62.95
Prepaid interest, second (1 days)$23.67
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$23,120Through Nov 2026
Assumption only · ends Nov 2055$432,852
Assumption + second · ends Nov 2055, second Dec 2056$614,929
New conventional · ends Dec 2056$681,613