Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
Lowest payment- Down payment
- $77,365
- Funds due
- $88,765
- Interest + MI left
- $374,110
- First ends
- Aug 2055
Assumption
Assumption + second
$2,567/mo
+$314/mo- Down payment
- $38,365
- Funds due
- $51,101
- Interest + MI left
- $448,079
- First ends
- Aug 2055
New loan
New conventional
$2,648/mo
+$395/mo- Down payment
- $38,365
- Funds due
- $47,202
- Interest + MI left
- $492,149
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,635 | $297,635 | $336,635 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,952.75 | $1,952.75 | $2,280.48 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $67.33 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $2,252.75 | $2,566.55 | $2,647.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,365
Closing costs & prepaids$12,736
Usable credit−$0
Total buyer cash needed$51,101
Earnest money paid−$0
Remaining funds due$51,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.17
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)$450.00
Prepaid interest, first (9 days)$493.18
Prepaid interest, second (9 days)$86.55
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 8 moOf the original 30-year loan at 6.72%
Interest already paid$26,879Through Dec 2026
Assumption only · ends Aug 2055$374,110
Assumption + second · ends Aug 2055, second Jan 2057$448,079
New conventional · ends Jan 2057$492,149