Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,850/mo
Lowest payment- Down payment
- $48,600
- Funds due
- $60,908
- Interest + MI left
- $438,064
- First ends
- Oct 2054
Assumption
Assumption + second
$3,135/mo
+$285/mo- Down payment
- $20,600
- Funds due
- $34,204
- Interest + MI left
- $512,779
- First ends
- Oct 2054
New loan
New conventional
$3,128/mo
+$278/mo- Down payment
- $20,600
- Funds due
- $30,199
- Interest + MI left
- $555,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,400 | $350,400 | $378,400 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,360.67 | $2,360.67 | $2,563.41 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $75.68 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $2,849.84 | $3,135.16 | $3,128.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,600
Closing costs & prepaids$13,604
Usable credit−$0
Total buyer cash needed$34,204
Earnest money paid−$0
Remaining funds due$34,204
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.00
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)$1,017.50
Prepaid interest, first (5 days)$330.72
Prepaid interest, second (5 days)$45.55
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 10 moOf the original 30-year loan at 6.89%
Interest already paid$52,976Through Dec 2026
Assumption only · ends Oct 2054$438,064
Assumption + second · ends Oct 2054, second Jan 2057$512,779
New conventional · ends Jan 2057$555,251