Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,625/mo
Lowest payment- Down payment
- $143,840
- Funds due
- $157,206
- Interest + MI left
- $430,937
- First ends
- Nov 2055
Assumption
Assumption + second
$3,381/mo
+$756/mo- Down payment
- $49,840
- Funds due
- $64,665
- Interest + MI left
- $609,221
- First ends
- Nov 2055
New loan
New conventional
$3,484/mo
+$859/mo- Down payment
- $49,840
- Funds due
- $60,375
- Interest + MI left
- $653,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,159 | $353,159 | $447,159 |
| Second mortgage | — | $94,000 | — |
| First P&I | $2,259.64 | $2,259.64 | $3,029.21 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $89.43 |
| Taxes, insurance & HOA | $365.50 | $365.50 | $365.50 |
| Total housing payment | $2,625.14 | $3,381.49 | $3,484.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,840
Closing costs & prepaids$14,825
Usable credit−$0
Total buyer cash needed$64,665
Earnest money paid−$0
Remaining funds due$64,665
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,969.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,765.80
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)$596.50
Prepaid interest, first (9 days)$566.02
Prepaid interest, second (9 days)$208.60
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$25,035Through Dec 2026
Assumption only · ends Nov 2055$430,937
Assumption + second · ends Nov 2055, second Jan 2057$609,221
New conventional · ends Jan 2057$653,820