Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,286/mo
Lowest payment- Down payment
- $124,232
- Funds due
- $136,114
- Interest + MI left
- $370,564
- First ends
- Feb 2055
Assumption
Assumption + second
$2,946/mo
+$660/mo- Down payment
- $42,232
- Funds due
- $55,546
- Interest + MI left
- $526,088
- First ends
- Feb 2055
New loan
New conventional
$2,945/mo
+$659/mo- Down payment
- $42,232
- Funds due
- $51,594
- Interest + MI left
- $550,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,768 | $294,768 | $376,768 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,968.44 | $1,968.44 | $2,552.36 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $75.35 |
| Taxes, insurance & HOA | $317.58 | $317.58 | $317.58 |
| Total housing payment | $2,286.02 | $2,945.81 | $2,945.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,232
Closing costs & prepaids$13,314
Usable credit−$0
Total buyer cash needed$55,546
Earnest money paid−$0
Remaining funds due$55,546
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,473.84
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)$502.75
Prepaid interest, first (9 days)$497.15
Prepaid interest, second (9 days)$181.97
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 2 moOf the original 30-year loan at 6.84%
Interest already paid$37,361Through Dec 2026
Assumption only · ends Feb 2055$370,564
Assumption + second · ends Feb 2055, second Jan 2057$526,088
New conventional · ends Jan 2057$550,897