Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $74,804
- Funds due
- $85,628
- Interest + MI left
- $310,144
- First ends
- Oct 2054
Assumption
Assumption + second
$2,453/mo
+$330/mo- Down payment
- $33,804
- Funds due
- $45,918
- Interest + MI left
- $387,906
- First ends
- Oct 2054
New loan
New conventional
$2,482/mo
+$359/mo- Down payment
- $33,804
- Funds due
- $42,263
- Interest + MI left
- $427,927
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,196 | $255,196 | $296,196 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,692.63 | $1,692.63 | $1,992.53 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $59.24 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $2,123.13 | $2,453.03 | $2,482.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,804
Closing costs & prepaids$12,114
Usable credit−$0
Total buyer cash needed$45,918
Earnest money paid−$0
Remaining funds due$45,918
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,275.98
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)$841.50
Prepaid interest, first (4 days)$188.22
Prepaid interest, second (4 days)$40.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.73%
Interest already paid$37,701Through Dec 2026
Assumption only · ends Oct 2054$310,144
Assumption + second · ends Oct 2054, second Jan 2057$387,906
New conventional · ends Jan 2057$427,927