Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,151/mo
Lowest payment- Down payment
- $51,545
- Funds due
- $62,260
- Interest + MI left
- $346,615
- First ends
- Aug 2054
Assumption
Assumption + second
$2,508/mo
+$357/mo- Down payment
- $16,545
- Funds due
- $28,612
- Interest + MI left
- $440,009
- First ends
- Aug 2054
New loan
New conventional
$2,439/mo
+$288/mo- Down payment
- $16,545
- Funds due
- $25,004
- Interest + MI left
- $454,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,455 | $274,455 | $309,455 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,870.69 | $1,870.69 | $2,096.36 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $61.89 |
| Taxes, insurance & HOA | $280.42 | $280.42 | $280.42 |
| Total housing payment | $2,151.11 | $2,507.76 | $2,438.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,545
Closing costs & prepaids$12,067
Usable credit−$0
Total buyer cash needed$28,612
Earnest money paid−$0
Remaining funds due$28,612
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,260.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,372.27
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)$391.25
Prepaid interest, first (9 days)$473.04
Prepaid interest, second (9 days)$102.48
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 6.99%
Interest already paid$45,371Through Dec 2026
Assumption only · ends Aug 2054$346,615
Assumption + second · ends Aug 2054, second Jan 2057$440,009
New conventional · ends Jan 2057$454,145