Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,218/mo
Lowest payment- Down payment
- $90,950
- Funds due
- $102,270
- Interest + MI left
- $360,454
- First ends
- Jun 2055
Assumption
Assumption + second
$2,636/mo
+$418/mo- Down payment
- $38,950
- Funds due
- $51,597
- Interest + MI left
- $459,079
- First ends
- Jun 2055
New loan
New conventional
$2,717/mo
+$500/mo- Down payment
- $38,950
- Funds due
- $47,706
- Interest + MI left
- $505,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,050 | $294,050 | $346,050 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,913.75 | $1,913.75 | $2,344.26 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $69.21 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $2,217.75 | $2,636.16 | $2,717.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,950
Closing costs & prepaids$12,647
Usable credit−$0
Total buyer cash needed$51,597
Earnest money paid−$0
Remaining funds due$51,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,470.25
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)$462.00
Prepaid interest, first (6 days)$319.99
Prepaid interest, second (6 days)$76.93
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 closing28 yr 6 moOf the original 30-year loan at 6.62%
Interest already paid$29,464Through Dec 2026
Assumption only · ends Jun 2055$360,454
Assumption + second · ends Jun 2055, second Jan 2057$459,079
New conventional · ends Jan 2057$505,982