Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,732/mo
Lowest payment- Down payment
- $103,978
- Funds due
- $116,502
- Interest + MI left
- $430,295
- First ends
- Sep 2055
Assumption
Assumption + second
$3,207/mo
+$475/mo- Down payment
- $44,978
- Funds due
- $58,766
- Interest + MI left
- $542,196
- First ends
- Sep 2055
New loan
New conventional
$3,372/mo
+$639/mo- Down payment
- $44,978
- Funds due
- $54,551
- Interest + MI left
- $613,485
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,522 | $345,522 | $404,522 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,242.25 | $2,242.25 | $2,800.83 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $80.90 |
| Taxes, insurance & HOA | $490.25 | $490.25 | $490.25 |
| Total housing payment | $2,732.50 | $3,207.22 | $3,371.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,978
Closing costs & prepaids$13,789
Usable credit−$0
Total buyer cash needed$58,766
Earnest money paid−$0
Remaining funds due$58,766
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,727.61
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)$579.75
Initial HOA (3 months)$441.00
Prepaid interest, first (1 days)$62.76
Prepaid interest, second (1 days)$14.55
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 closing28 yr 10 moOf the original 30-year loan at 6.630%
Interest already paid$26,914Through Nov 2026
Assumption only · ends Sep 2055$430,295
Assumption + second · ends Sep 2055, second Dec 2056$542,196
New conventional · ends Dec 2056$613,485