Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,220/mo
Lowest payment- Down payment
- $87,976
- Funds due
- $98,905
- Interest + MI left
- $351,390
- First ends
- Nov 2054
Assumption
Assumption + second
$2,630/mo
+$410/mo- Down payment
- $36,976
- Funds due
- $49,167
- Interest + MI left
- $448,119
- First ends
- Nov 2054
New loan
New conventional
$2,703/mo
+$483/mo- Down payment
- $36,976
- Funds due
- $45,352
- Interest + MI left
- $503,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,024 | $281,024 | $332,024 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,882.19 | $1,882.19 | $2,298.87 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $66.40 |
| Taxes, insurance & HOA | $337.67 | $337.67 | $337.67 |
| Total housing payment | $2,219.85 | $2,630.21 | $2,702.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,976
Closing costs & prepaids$12,191
Usable credit−$0
Total buyer cash needed$49,167
Earnest money paid−$0
Remaining funds due$49,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,405.12
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)$308.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$52.74
Prepaid interest, second (1 days)$12.58
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 yrOf the original 30-year loan at 6.850%
Interest already paid$38,954Through Nov 2026
Assumption only · ends Nov 2054$351,390
Assumption + second · ends Nov 2054, second Dec 2056$448,119
New conventional · ends Dec 2056$503,537