Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,421/mo
Lowest payment- Down payment
- $50,909
- Funds due
- $62,181
- Interest + MI left
- $348,134
- First ends
- Jan 2055
Assumption
Assumption + second
$2,757/mo
+$336/mo- Down payment
- $17,909
- Funds due
- $30,442
- Interest + MI left
- $436,192
- First ends
- Jan 2055
New loan
New conventional
$2,830/mo
+$409/mo- Down payment
- $17,909
- Funds due
- $26,777
- Interest + MI left
- $490,148
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,091 | $289,091 | $322,091 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,885.28 | $1,885.28 | $2,230.09 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $64.42 |
| Taxes, insurance & HOA | $535.59 | $535.59 | $535.59 |
| Total housing payment | $2,420.87 | $2,757.14 | $2,830.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,909
Closing costs & prepaids$12,533
Usable credit−$0
Total buyer cash needed$30,442
Earnest money paid−$0
Remaining funds due$30,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,445.46
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)$287.75
Initial HOA (3 months)$869.01
Prepaid interest, first (1 days)$52.27
Prepaid interest, second (1 days)$10.74
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 2 moOf the original 30-year loan at 6.600%
Interest already paid$35,373Through Nov 2026
Assumption only · ends Jan 2055$348,134
Assumption + second · ends Jan 2055, second Dec 2056$436,192
New conventional · ends Dec 2056$490,148