Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $73,625
- Funds due
- $85,332
- Interest + MI left
- $378,632
- First ends
- Dec 2054
Assumption
Assumption + second
$2,792/mo
+$274/mo- Down payment
- $39,625
- Funds due
- $52,591
- Interest + MI left
- $443,118
- First ends
- Dec 2054
New loan
New conventional
$2,973/mo
+$454/mo- Down payment
- $39,625
- Funds due
- $48,551
- Interest + MI left
- $538,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,375 | $321,375 | $355,375 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,077.17 | $2,077.17 | $2,460.54 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $71.08 |
| Taxes, insurance & HOA | $441.75 | $441.75 | $441.75 |
| Total housing payment | $2,518.92 | $2,792.49 | $2,973.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,625
Closing costs & prepaids$12,966
Usable credit−$0
Total buyer cash needed$52,591
Earnest money paid−$0
Remaining funds due$52,591
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,606.88
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)$479.25
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$57.23
Prepaid interest, second (1 days)$8.38
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$40,519Through Nov 2026
Assumption only · ends Dec 2054$378,632
Assumption + second · ends Dec 2054, second Dec 2056$443,118
New conventional · ends Dec 2056$538,950