Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,402/mo
Lowest payment- Down payment
- $43,012
- Funds due
- $54,038
- Interest + MI left
- $381,779
- First ends
- Feb 2054
Assumption
Assumption + second
$2,657/mo
+$255/mo- Down payment
- $18,012
- Funds due
- $30,336
- Interest + MI left
- $448,489
- First ends
- Feb 2054
New loan
New conventional
$2,605/mo
+$202/mo- Down payment
- $18,012
- Funds due
- $26,568
- Interest + MI left
- $487,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,888 | $306,888 | $331,888 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,112.48 | $2,112.48 | $2,248.32 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $66.38 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $2,402.48 | $2,657.23 | $2,604.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,012
Closing costs & prepaids$12,325
Usable credit−$0
Total buyer cash needed$30,336
Earnest money paid−$0
Remaining funds due$30,336
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.44
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)$420.00
Prepaid interest, first (6 days)$354.65
Prepaid interest, second (6 days)$48.80
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 2 moOf the original 30-year loan at 7.03%
Interest already paid$62,151Through Dec 2026
Assumption only · ends Feb 2054$381,779
Assumption + second · ends Feb 2054, second Jan 2057$448,489
New conventional · ends Jan 2057$487,001