Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $107,998
- Funds due
- $118,298
- Interest + MI left
- $271,804
- First ends
- Jul 2054
Assumption
Assumption + second
$2,357/mo
+$603/mo- Down payment
- $32,998
- Funds due
- $44,714
- Interest + MI left
- $414,052
- First ends
- Jul 2054
New loan
New conventional
$2,309/mo
+$556/mo- Down payment
- $32,998
- Funds due
- $41,237
- Interest + MI left
- $425,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,002 | $216,002 | $291,002 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,473.73 | $1,473.73 | $1,971.35 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $58.20 |
| Taxes, insurance & HOA | $279.58 | $279.58 | $279.58 |
| Total housing payment | $1,753.32 | $2,356.78 | $2,309.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,998
Closing costs & prepaids$11,715
Usable credit−$0
Total buyer cash needed$44,714
Earnest money paid−$0
Remaining funds due$44,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,080.01
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)$388.75
Prepaid interest, first (9 days)$372.29
Prepaid interest, second (9 days)$166.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 6.99%
Interest already paid$37,003Through Dec 2026
Assumption only · ends Jul 2054$271,804
Assumption + second · ends Jul 2054, second Jan 2057$414,052
New conventional · ends Jan 2057$425,435