Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,342/mo
Lowest payment- Down payment
- $104,192
- Funds due
- $115,804
- Interest + MI left
- $370,351
- First ends
- Jan 2054
Assumption
Assumption + second
$2,857/mo
+$515/mo- Down payment
- $40,192
- Funds due
- $53,196
- Interest + MI left
- $491,736
- First ends
- Jan 2054
New loan
New conventional
$2,783/mo
+$440/mo- Down payment
- $40,192
- Funds due
- $49,267
- Interest + MI left
- $518,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,808 | $290,808 | $354,808 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,034.33 | $2,034.33 | $2,403.59 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $70.96 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,342.33 | $2,857.29 | $2,782.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,192
Closing costs & prepaids$13,004
Usable credit−$0
Total buyer cash needed$53,196
Earnest money paid−$0
Remaining funds due$53,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.04
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)$474.00
Prepaid interest, first (9 days)$515.57
Prepaid interest, second (9 days)$142.03
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 1 moOf the original 30-year loan at 7.19%
Interest already paid$62,010Through Dec 2026
Assumption only · ends Jan 2054$370,351
Assumption + second · ends Jan 2054, second Jan 2057$491,736
New conventional · ends Jan 2057$518,717