Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
Lowest payment- Down payment
- $101,853
- Funds due
- $114,939
- Interest + MI left
- $453,816
- First ends
- Nov 2055
Assumption
Assumption + second
$3,150/mo
+$443/mo- Down payment
- $46,853
- Funds due
- $61,311
- Interest + MI left
- $558,131
- First ends
- Nov 2055
New loan
New conventional
$3,269/mo
+$562/mo- Down payment
- $46,853
- Funds due
- $57,008
- Interest + MI left
- $611,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,147 | $363,147 | $418,147 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,354.36 | $2,354.36 | $2,832.67 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $83.63 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,707.02 | $3,149.57 | $3,268.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,853
Closing costs & prepaids$14,457
Usable credit−$0
Total buyer cash needed$61,311
Earnest money paid−$0
Remaining funds due$61,311
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,815.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Prepaid interest, first (9 days)$593.67
Prepaid interest, second (9 days)$122.05
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 closing28 yr 11 moOf the original 30-year loan at 6.63%
Interest already paid$26,253Through Dec 2026
Assumption only · ends Nov 2055$453,816
Assumption + second · ends Nov 2055, second Jan 2057$558,131
New conventional · ends Jan 2057$611,400