Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,507/mo
Lowest payment- Down payment
- $128,250
- Funds due
- $141,149
- Interest + MI left
- $410,914
- First ends
- Nov 2055
Assumption
Assumption + second
$3,159/mo
+$652/mo- Down payment
- $47,250
- Funds due
- $61,579
- Interest + MI left
- $564,542
- First ends
- Nov 2055
New loan
New conventional
$3,266/mo
+$759/mo- Down payment
- $47,250
- Funds due
- $57,400
- Interest + MI left
- $610,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,750 | $336,750 | $417,750 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,154.65 | $2,154.65 | $2,829.98 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $83.55 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,507.32 | $3,159.06 | $3,266.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,250
Closing costs & prepaids$14,329
Usable credit−$0
Total buyer cash needed$61,579
Earnest money paid−$0
Remaining funds due$61,579
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,683.75
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Prepaid interest, first (9 days)$539.72
Prepaid interest, second (9 days)$179.75
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$23,871Through Dec 2026
Assumption only · ends Nov 2055$410,914
Assumption + second · ends Nov 2055, second Jan 2057$564,542
New conventional · ends Jan 2057$610,736