Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,099/mo
Lowest payment- Down payment
- $118,013
- Funds due
- $129,335
- Interest + MI left
- $321,072
- First ends
- Oct 2054
Assumption
Assumption + second
$2,726/mo
+$628/mo- Down payment
- $40,013
- Funds due
- $52,700
- Interest + MI left
- $469,010
- First ends
- Oct 2054
New loan
New conventional
$2,784/mo
+$685/mo- Down payment
- $40,013
- Funds due
- $48,881
- Interest + MI left
- $519,050
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,987 | $276,987 | $354,987 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,790.60 | $1,790.60 | $2,404.81 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $71.00 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,098.60 | $2,726.20 | $2,783.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,013
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$52,700
Earnest money paid−$0
Remaining funds due$52,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,384.93
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)$474.00
Prepaid interest, first (6 days)$294.59
Prepaid interest, second (6 days)$115.40
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 10 moOf the original 30-year loan at 6.47%
Interest already paid$39,364Through Dec 2026
Assumption only · ends Oct 2054$321,072
Assumption + second · ends Oct 2054, second Jan 2057$469,010
New conventional · ends Jan 2057$519,050