Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,175/mo
Lowest payment- Down payment
- $57,523
- Funds due
- $68,369
- Interest + MI left
- $320,610
- First ends
- Dec 2054
Assumption
Assumption + second
$2,582/mo
+$408/mo- Down payment
- $17,523
- Funds due
- $29,632
- Interest + MI left
- $427,347
- First ends
- Dec 2054
New loan
New conventional
$2,724/mo
+$549/mo- Down payment
- $17,523
- Funds due
- $25,957
- Interest + MI left
- $506,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,477 | $292,477 | $332,477 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,819.25 | $1,819.25 | $2,302.00 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $66.50 |
| Taxes, insurance & HOA | $355.50 | $355.50 | $355.50 |
| Total housing payment | $2,174.75 | $2,582.35 | $2,724.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,523
Closing costs & prepaids$12,109
Usable credit−$0
Total buyer cash needed$29,632
Earnest money paid−$0
Remaining funds due$29,632
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,462.38
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)$385.50
Initial HOA (3 months)$231.00
Prepaid interest, first (1 days)$49.04
Prepaid interest, second (1 days)$13.01
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 closing28 yr 1 moOf the original 30-year loan at 6.120%
Interest already paid$34,750Through Nov 2026
Assumption only · ends Dec 2054$320,610
Assumption + second · ends Dec 2054, second Dec 2056$427,347
New conventional · ends Dec 2056$506,019