Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,600/mo
Lowest payment- Down payment
- $120,856
- Funds due
- $133,063
- Interest + MI left
- $416,422
- First ends
- Feb 2054
Assumption
Assumption + second
$3,211/mo
+$612/mo- Down payment
- $44,856
- Funds due
- $58,426
- Interest + MI left
- $560,567
- First ends
- Feb 2054
New loan
New conventional
$3,119/mo
+$519/mo- Down payment
- $44,856
- Funds due
- $54,289
- Interest + MI left
- $585,077
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,144 | $324,144 | $400,144 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,271.68 | $2,271.68 | $2,710.71 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $80.03 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $2,599.68 | $3,211.19 | $3,118.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,856
Closing costs & prepaids$13,570
Usable credit−$0
Total buyer cash needed$58,426
Earnest money paid−$0
Remaining funds due$58,426
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,620.72
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)$534.00
Prepaid interest, first (6 days)$384.71
Prepaid interest, second (6 days)$112.44
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 7.22%
Interest already paid$67,381Through Dec 2026
Assumption only · ends Feb 2054$416,422
Assumption + second · ends Feb 2054, second Jan 2057$560,567
New conventional · ends Jan 2057$585,077