Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,088/mo
Lowest payment- Down payment
- $78,251
- Funds due
- $89,039
- Interest + MI left
- $325,624
- First ends
- Feb 2054
Assumption
Assumption + second
$2,442/mo
+$354/mo- Down payment
- $34,251
- Funds due
- $46,387
- Interest + MI left
- $409,077
- First ends
- Feb 2054
New loan
New conventional
$2,418/mo
+$331/mo- Down payment
- $34,251
- Funds due
- $42,683
- Interest + MI left
- $447,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,749 | $261,749 | $305,749 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,801.76 | $1,801.76 | $2,071.25 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $61.15 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $2,087.76 | $2,441.79 | $2,418.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,251
Closing costs & prepaids$12,136
Usable credit−$0
Total buyer cash needed$46,387
Earnest money paid−$0
Remaining funds due$46,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,308.75
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)$408.00
Prepaid interest, first (9 days)$453.72
Prepaid interest, second (9 days)$97.64
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 2 moOf the original 30-year loan at 7.03%
Interest already paid$53,009Through Dec 2026
Assumption only · ends Feb 2054$325,624
Assumption + second · ends Feb 2054, second Jan 2057$409,077
New conventional · ends Jan 2057$447,056