Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,356/mo
Lowest payment- Down payment
- $153,946
- Funds due
- $165,898
- Interest + MI left
- $372,246
- First ends
- Feb 2055
Assumption
Assumption + second
$3,156/mo
+$800/mo- Down payment
- $44,946
- Funds due
- $58,171
- Interest + MI left
- $551,175
- First ends
- Feb 2055
New loan
New conventional
$3,266/mo
+$910/mo- Down payment
- $44,946
- Funds due
- $54,207
- Interest + MI left
- $612,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,054 | $295,054 | $404,054 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,968.44 | $1,968.44 | $2,797.59 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $387.75 | $387.75 | $387.75 |
| Total housing payment | $2,356.19 | $3,155.99 | $3,266.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,946
Closing costs & prepaids$13,226
Usable credit−$0
Total buyer cash needed$58,171
Earnest money paid−$0
Remaining funds due$58,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,475.27
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)$713.25
Prepaid interest, first (1 days)$55.29
Prepaid interest, second (1 days)$23.89
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 3 moOf the original 30-year loan at 6.840%
Interest already paid$35,679Through Nov 2026
Assumption only · ends Feb 2055$372,246
Assumption + second · ends Feb 2055, second Dec 2056$551,175
New conventional · ends Dec 2056$612,775