Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
Lowest payment- Down payment
- $84,644
- Funds due
- $96,928
- Interest + MI left
- $320,667
- First ends
- Oct 2055
Assumption
Assumption + second
$2,593/mo
+$330/mo- Down payment
- $43,644
- Funds due
- $57,269
- Interest + MI left
- $398,429
- First ends
- Oct 2055
New loan
New conventional
$3,053/mo
+$790/mo- Down payment
- $43,644
- Funds due
- $53,197
- Interest + MI left
- $572,227
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,356 | $350,356 | $391,356 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,939.37 | $1,939.37 | $2,651.18 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $78.27 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $2,263.37 | $2,593.27 | $3,053.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,644
Closing costs & prepaids$13,625
Usable credit−$0
Total buyer cash needed$57,269
Earnest money paid−$0
Remaining funds due$57,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,751.78
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)$522.00
Prepaid interest, first (9 days)$442.31
Prepaid interest, second (9 days)$90.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 5.12%
Interest already paid$21,123Through Dec 2026
Assumption only · ends Oct 2055$320,667
Assumption + second · ends Oct 2055, second Jan 2057$398,429
New conventional · ends Jan 2057$572,227