Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,158/mo
Lowest payment- Down payment
- $53,687
- Funds due
- $66,924
- Interest + MI left
- $503,791
- First ends
- Nov 2054
Assumption
Assumption + second
$3,443/mo
+$285/mo- Down payment
- $25,687
- Funds due
- $40,183
- Interest + MI left
- $578,507
- First ends
- Nov 2054
New loan
New conventional
$3,689/mo
+$530/mo- Down payment
- $25,687
- Funds due
- $35,686
- Interest + MI left
- $714,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,313 | $441,313 | $469,313 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,812.81 | $2,812.81 | $3,249.43 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $93.86 |
| Taxes, insurance & HOA | $345.25 | $345.25 | $345.25 |
| Total housing payment | $3,158.06 | $3,443.38 | $3,688.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,687
Closing costs & prepaids$14,496
Usable credit−$0
Total buyer cash needed$40,183
Earnest money paid−$0
Remaining funds due$40,183
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,206.56
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$365.75
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$76.78
Prepaid interest, second (1 days)$9.11
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 6.350%
Interest already paid$56,771Through Nov 2026
Assumption only · ends Nov 2054$503,791
Assumption + second · ends Nov 2054, second Dec 2056$578,507
New conventional · ends Dec 2056$714,185