Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,640/mo
Lowest payment- Down payment
- $117,534
- Funds due
- $130,038
- Interest + MI left
- $405,503
- First ends
- May 2055
Assumption
Assumption + second
$3,235/mo
+$595/mo- Down payment
- $43,534
- Funds due
- $57,361
- Interest + MI left
- $545,855
- First ends
- May 2055
New loan
New conventional
$3,231/mo
+$592/mo- Down payment
- $43,534
- Funds due
- $53,288
- Interest + MI left
- $565,724
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,466 | $317,466 | $391,466 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,120.14 | $2,120.14 | $2,633.42 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $78.29 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $2,639.89 | $3,235.32 | $3,231.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,534
Closing costs & prepaids$13,827
Usable credit−$0
Total buyer cash needed$57,361
Earnest money paid−$0
Remaining funds due$57,361
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%)$1,587.33
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 (4 days)$239.01
Prepaid interest, second (4 days)$72.99
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 closing28 yr 5 moOf the original 30-year loan at 6.87%
Interest already paid$34,849Through Dec 2026
Assumption only · ends May 2055$405,503
Assumption + second · ends May 2055, second Jan 2057$545,855
New conventional · ends Jan 2057$565,724