Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
Lowest payment- Down payment
- $47,601
- Funds due
- $59,544
- Interest + MI left
- $430,196
- First ends
- Nov 2055
Assumption
Assumption + second
$2,824/mo
+$275/mo- Down payment
- $20,601
- Funds due
- $33,873
- Interest + MI left
- $502,243
- First ends
- Nov 2055
New loan
New conventional
$2,919/mo
+$370/mo- Down payment
- $20,601
- Funds due
- $29,907
- Interest + MI left
- $549,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,399 | $347,399 | $374,399 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,240.91 | $2,240.91 | $2,536.31 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $74.88 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,548.91 | $2,824.04 | $2,919.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,601
Closing costs & prepaids$13,272
Usable credit−$0
Total buyer cash needed$33,873
Earnest money paid−$0
Remaining funds due$33,873
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,737.00
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)$474.00
Prepaid interest, first (9 days)$563.64
Prepaid interest, second (9 days)$79.06
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 6.58%
Interest already paid$24,927Through Dec 2026
Assumption only · ends Nov 2055$430,196
Assumption + second · ends Nov 2055, second Jan 2057$502,243
New conventional · ends Jan 2057$549,380