Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $50,021
- Funds due
- $61,605
- Interest + MI left
- $447,571
- First ends
- Nov 2053
Assumption
Assumption + second
$3,070/mo
+$296/mo- Down payment
- $21,021
- Funds due
- $33,864
- Interest + MI left
- $524,955
- First ends
- Nov 2053
New loan
New conventional
$3,053/mo
+$279/mo- Down payment
- $21,021
- Funds due
- $29,811
- Interest + MI left
- $591,936
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,979 | $359,979 | $388,979 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,492.44 | $2,492.44 | $2,693.21 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $77.80 |
| Taxes, insurance & HOA | $282.08 | $282.08 | $282.08 |
| Total housing payment | $2,774.52 | $3,070.03 | $3,053.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,021
Closing costs & prepaids$12,843
Usable credit−$0
Total buyer cash needed$33,864
Earnest money paid−$0
Remaining funds due$33,864
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,799.89
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)$69.25
Initial HOA (3 months)$327.00
Prepaid interest, first (1 days)$69.73
Prepaid interest, second (1 days)$9.43
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$77,707Through Nov 2026
Assumption only · ends Nov 2053$447,571
Assumption + second · ends Nov 2053, second Dec 2056$524,955
New conventional · ends Dec 2056$591,936