Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,405/mo
Lowest payment- Down payment
- $109,694
- Funds due
- $121,155
- Interest + MI left
- $360,944
- First ends
- Nov 2053
Assumption
Assumption + second
$2,960/mo
+$555/mo- Down payment
- $40,694
- Funds due
- $53,422
- Interest + MI left
- $491,813
- First ends
- Nov 2053
New loan
New conventional
$2,954/mo
+$550/mo- Down payment
- $40,694
- Funds due
- $49,519
- Interest + MI left
- $544,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,306 | $290,306 | $359,306 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,010.03 | $2,010.03 | $2,487.76 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $71.86 |
| Taxes, insurance & HOA | $394.83 | $394.83 | $394.83 |
| Total housing payment | $2,404.86 | $2,960.05 | $2,954.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,694
Closing costs & prepaids$12,727
Usable credit−$0
Total buyer cash needed$53,422
Earnest money paid−$0
Remaining funds due$53,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,451.53
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)$422.50
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$56.23
Prepaid interest, second (1 days)$17.01
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$62,667Through Nov 2026
Assumption only · ends Nov 2053$360,944
Assumption + second · ends Nov 2053, second Dec 2056$491,813
New conventional · ends Dec 2056$544,840