Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $83,911
- Funds due
- $94,937
- Interest + MI left
- $338,396
- First ends
- Mar 2054
Assumption
Assumption + second
$2,569/mo
+$378/mo- Down payment
- $36,911
- Funds due
- $49,257
- Interest + MI left
- $427,538
- First ends
- Mar 2054
New loan
New conventional
$2,584/mo
+$394/mo- Down payment
- $36,911
- Funds due
- $45,442
- Interest + MI left
- $479,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,088 | $281,088 | $328,088 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,894.45 | $1,894.45 | $2,222.58 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $65.62 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,190.45 | $2,568.62 | $2,584.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,911
Closing costs & prepaids$12,346
Usable credit−$0
Total buyer cash needed$49,257
Earnest money paid−$0
Remaining funds due$49,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,649.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,405.44
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)$438.00
Prepaid interest, first (6 days)$315.13
Prepaid interest, second (6 days)$69.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.82%
Interest already paid$53,605Through Dec 2026
Assumption only · ends Mar 2054$338,396
Assumption + second · ends Mar 2054, second Jan 2057$427,538
New conventional · ends Jan 2057$479,719