Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,651/mo
Lowest payment- Down payment
- $122,507
- Funds due
- $134,903
- Interest + MI left
- $426,927
- First ends
- Mar 2054
Assumption
Assumption + second
$3,255/mo
+$603/mo- Down payment
- $47,507
- Funds due
- $61,190
- Interest + MI left
- $569,175
- First ends
- Mar 2054
New loan
New conventional
$3,292/mo
+$640/mo- Down payment
- $47,507
- Funds due
- $56,947
- Interest + MI left
- $637,470
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,393 | $345,393 | $420,393 |
| Second mortgage | — | $75,000 | — |
| First P&I | $2,354.63 | $2,354.63 | $2,910.72 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $84.08 |
| Taxes, insurance & HOA | $296.83 | $296.83 | $296.83 |
| Total housing payment | $2,651.47 | $3,254.94 | $3,291.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,507
Closing costs & prepaids$13,683
Usable credit−$0
Total buyer cash needed$61,190
Earnest money paid−$0
Remaining funds due$61,190
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,679.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,726.97
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)$390.50
Prepaid interest, first (2 days)$131.53
Prepaid interest, second (2 days)$36.99
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 closing27 yr 4 moOf the original 30-year loan at 6.950%
Interest already paid$65,028Through Nov 2026
Assumption only · ends Mar 2054$426,927
Assumption + second · ends Mar 2054, second Dec 2056$569,175
New conventional · ends Dec 2056$637,470