Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,028/mo
Lowest payment- Down payment
- $48,577
- Funds due
- $59,167
- Interest + MI left
- $315,050
- First ends
- Nov 2054
Assumption
Assumption + second
$2,354/mo
+$326/mo- Down payment
- $16,577
- Funds due
- $28,511
- Interest + MI left
- $400,438
- First ends
- Nov 2054
New loan
New conventional
$2,393/mo
+$365/mo- Down payment
- $16,577
- Funds due
- $24,956
- Interest + MI left
- $445,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,323 | $271,323 | $303,323 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,750.36 | $1,750.36 | $2,054.82 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $60.66 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $2,028.36 | $2,354.45 | $2,393.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,577
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$28,511
Earnest money paid−$0
Remaining funds due$28,511
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,356.61
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)$384.00
Prepaid interest, first (9 days)$432.18
Prepaid interest, second (9 days)$93.70
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 11 moOf the original 30-year loan at 6.46%
Interest already paid$36,999Through Dec 2026
Assumption only · ends Nov 2054$315,050
Assumption + second · ends Nov 2054, second Jan 2057$400,438
New conventional · ends Jan 2057$445,086