Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,708/mo
Lowest payment- Down payment
- $122,861
- Funds due
- $135,886
- Interest + MI left
- $424,927
- First ends
- Mar 2054
Assumption
Assumption + second
$3,320/mo
+$612/mo- Down payment
- $46,861
- Funds due
- $61,305
- Interest + MI left
- $569,071
- First ends
- Mar 2054
New loan
New conventional
$3,290/mo
+$582/mo- Down payment
- $46,861
- Funds due
- $57,053
- Interest + MI left
- $615,629
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,039 | $345,039 | $421,039 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,354.63 | $2,354.63 | $2,852.26 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $84.21 |
| Taxes, insurance & HOA | $353.83 | $353.83 | $353.83 |
| Total housing payment | $2,708.47 | $3,319.98 | $3,290.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,861
Closing costs & prepaids$14,444
Usable credit−$0
Total buyer cash needed$61,305
Earnest money paid−$0
Remaining funds due$61,305
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,679.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,725.19
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)$561.50
Prepaid interest, first (9 days)$591.29
Prepaid interest, second (9 days)$168.66
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 3 moOf the original 30-year loan at 6.95%
Interest already paid$67,029Through Dec 2026
Assumption only · ends Mar 2054$424,927
Assumption + second · ends Mar 2054, second Jan 2057$569,071
New conventional · ends Jan 2057$615,629