Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,672/mo
Lowest payment- Down payment
- $101,507
- Funds due
- $113,961
- Interest + MI left
- $455,824
- First ends
- Nov 2055
Assumption
Assumption + second
$3,114/mo
+$443/mo- Down payment
- $46,507
- Funds due
- $60,225
- Interest + MI left
- $560,139
- First ends
- Nov 2055
New loan
New conventional
$3,299/mo
+$627/mo- Down payment
- $46,507
- Funds due
- $55,904
- Interest + MI left
- $634,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,493 | $363,493 | $418,493 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,354.36 | $2,354.36 | $2,897.56 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $83.70 |
| Taxes, insurance & HOA | $317.42 | $317.42 | $317.42 |
| Total housing payment | $2,671.77 | $3,114.32 | $3,298.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,507
Closing costs & prepaids$13,717
Usable credit−$0
Total buyer cash needed$60,225
Earnest money paid−$0
Remaining funds due$60,225
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%)$1,817.46
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)$452.25
Prepaid interest, first (1 days)$66.03
Prepaid interest, second (1 days)$13.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing29 yrOf the original 30-year loan at 6.630%
Interest already paid$24,245Through Nov 2026
Assumption only · ends Nov 2055$455,824
Assumption + second · ends Nov 2055, second Dec 2056$560,139
New conventional · ends Dec 2056$634,673