Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $58,397
- Funds due
- $68,022
- Interest + MI left
- $246,698
- First ends
- Dec 2055
Assumption
Assumption + second
$1,824/mo
+$249/mo- Down payment
- $27,397
- Funds due
- $38,341
- Interest + MI left
- $305,493
- First ends
- Dec 2055
New loan
New conventional
$1,950/mo
+$375/mo- Down payment
- $27,397
- Funds due
- $35,002
- Interest + MI left
- $354,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,601 | $211,601 | $242,601 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,316.95 | $1,316.95 | $1,643.46 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $48.52 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $1,574.95 | $1,824.38 | $1,949.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,397
Closing costs & prepaids$10,944
Usable credit−$0
Total buyer cash needed$38,341
Earnest money paid−$0
Remaining funds due$38,341
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,058.01
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)$324.00
Prepaid interest, first (9 days)$325.58
Prepaid interest, second (9 days)$68.79
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 closing29 yrOf the original 30-year loan at 6.24%
Interest already paid$13,290Through Dec 2026
Assumption only · ends Dec 2055$246,698
Assumption + second · ends Dec 2055, second Jan 2057$305,493
New conventional · ends Jan 2057$354,723