Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,317/mo
Lowest payment- Down payment
- $84,201
- Funds due
- $96,304
- Interest + MI left
- $322,164
- First ends
- Oct 2055
Assumption
Assumption + second
$2,639/mo
+$322/mo- Down payment
- $44,201
- Funds due
- $57,573
- Interest + MI left
- $398,029
- First ends
- Oct 2055
New loan
New conventional
$3,161/mo
+$845/mo- Down payment
- $44,201
- Funds due
- $53,375
- Interest + MI left
- $592,595
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,799 | $350,799 | $390,799 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,939.37 | $1,939.37 | $2,705.81 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $78.16 |
| Taxes, insurance & HOA | $377.42 | $377.42 | $377.42 |
| Total housing payment | $2,316.79 | $2,638.64 | $3,161.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,201
Closing costs & prepaids$13,372
Usable credit−$0
Total buyer cash needed$57,573
Earnest money paid−$0
Remaining funds due$57,573
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%)$1,754.00
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)$682.25
Prepaid interest, first (2 days)$98.42
Prepaid interest, second (2 days)$19.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.120%
Interest already paid$19,626Through Nov 2026
Assumption only · ends Oct 2055$322,164
Assumption + second · ends Oct 2055, second Dec 2056$398,029
New conventional · ends Dec 2056$592,595