Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,682/mo
Lowest payment- Down payment
- $96,130
- Funds due
- $108,796
- Interest + MI left
- $385,469
- First ends
- Nov 2054
Assumption
Assumption + second
$3,100/mo
+$418/mo- Down payment
- $44,130
- Funds due
- $58,110
- Interest + MI left
- $484,095
- First ends
- Nov 2054
New loan
New conventional
$3,246/mo
+$564/mo- Down payment
- $44,130
- Funds due
- $53,957
- Interest + MI left
- $571,517
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,870 | $338,870 | $390,870 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,162.21 | $2,162.21 | $2,647.89 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $78.17 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $2,681.96 | $3,100.36 | $3,245.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,130
Closing costs & prepaids$13,980
Usable credit−$0
Total buyer cash needed$58,110
Earnest money paid−$0
Remaining funds due$58,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,694.35
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)$1,109.25
Prepaid interest, first (5 days)$294.77
Prepaid interest, second (5 days)$64.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 30-year loan at 6.35%
Interest already paid$45,435Through Dec 2026
Assumption only · ends Nov 2054$385,469
Assumption + second · ends Nov 2054, second Jan 2057$484,095
New conventional · ends Jan 2057$571,517