Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $57,472
- Funds due
- $67,118
- Interest + MI left
- $251,283
- First ends
- Feb 2055
Assumption
Assumption + second
$1,872/mo
+$241/mo- Down payment
- $27,472
- Funds due
- $38,434
- Interest + MI left
- $308,182
- First ends
- Feb 2055
New loan
New conventional
$1,949/mo
+$319/mo- Down payment
- $27,472
- Funds due
- $35,076
- Interest + MI left
- $354,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,528 | $212,528 | $242,528 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,372.22 | $1,372.22 | $1,642.97 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $48.51 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $1,630.22 | $1,871.61 | $1,949.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,472
Closing costs & prepaids$10,962
Usable credit−$0
Total buyer cash needed$38,434
Earnest money paid−$0
Remaining funds due$38,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,062.64
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)$340.63
Prepaid interest, second (9 days)$66.58
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 2 moOf the original 30-year loan at 6.5%
Interest already paid$25,616Through Dec 2026
Assumption only · ends Feb 2055$251,283
Assumption + second · ends Feb 2055, second Jan 2057$308,182
New conventional · ends Jan 2057$354,568