Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,758/mo
Lowest payment- Down payment
- $56,971
- Funds due
- $69,214
- Interest + MI left
- $455,073
- First ends
- Aug 2054
Assumption
Assumption + second
$3,125/mo
+$367/mo- Down payment
- $20,971
- Funds due
- $34,570
- Interest + MI left
- $551,136
- First ends
- Aug 2054
New loan
New conventional
$3,049/mo
+$291/mo- Down payment
- $20,971
- Funds due
- $30,506
- Interest + MI left
- $575,328
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,029 | $356,029 | $392,029 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,443.08 | $2,443.08 | $2,655.74 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $78.41 |
| Taxes, insurance & HOA | $315.17 | $315.17 | $315.17 |
| Total housing payment | $2,758.25 | $3,125.09 | $3,049.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,971
Closing costs & prepaids$13,599
Usable credit−$0
Total buyer cash needed$34,570
Earnest money paid−$0
Remaining funds due$34,570
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,130.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,780.15
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)$495.50
Prepaid interest, first (9 days)$619.78
Prepaid interest, second (9 days)$105.41
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 closing27 yr 8 moOf the original 30-year loan at 7.06%
Interest already paid$59,435Through Dec 2026
Assumption only · ends Aug 2054$455,073
Assumption + second · ends Aug 2054, second Jan 2057$551,136
New conventional · ends Jan 2057$575,328