Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,435/mo
Lowest payment- Down payment
- $57,136
- Funds due
- $68,370
- Interest + MI left
- $400,670
- First ends
- Feb 2054
Assumption
Assumption + second
$2,832/mo
+$397/mo- Down payment
- $18,136
- Funds due
- $30,734
- Interest + MI left
- $504,738
- First ends
- Feb 2054
New loan
New conventional
$2,641/mo
+$207/mo- Down payment
- $18,136
- Funds due
- $26,952
- Interest + MI left
- $494,303
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,864 | $297,864 | $336,864 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,142.74 | $2,142.74 | $2,282.03 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $67.37 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $2,434.74 | $2,832.15 | $2,641.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,136
Closing costs & prepaids$12,598
Usable credit−$0
Total buyer cash needed$30,734
Earnest money paid−$0
Remaining funds due$30,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,489.32
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)$426.00
Prepaid interest, first (9 days)$550.84
Prepaid interest, second (9 days)$114.20
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 2 moOf the original 30-year loan at 7.5%
Interest already paid$64,267Through Dec 2026
Assumption only · ends Feb 2054$400,670
Assumption + second · ends Feb 2054, second Jan 2057$504,738
New conventional · ends Jan 2057$494,303