Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,193/mo
Lowest payment- Down payment
- $50,685
- Funds due
- $61,322
- Interest + MI left
- $326,562
- First ends
- Jun 2055
Assumption
Assumption + second
$2,550/mo
+$357/mo- Down payment
- $15,685
- Funds due
- $27,583
- Interest + MI left
- $419,956
- First ends
- Jun 2055
New loan
New conventional
$2,561/mo
+$368/mo- Down payment
- $15,685
- Funds due
- $24,111
- Interest + MI left
- $440,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,315 | $254,315 | $289,315 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,693.52 | $1,693.52 | $2,003.16 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $57.86 |
| Taxes, insurance & HOA | $499.58 | $499.58 | $499.58 |
| Total housing payment | $2,193.10 | $2,549.75 | $2,560.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,685
Closing costs & prepaids$11,897
Usable credit−$0
Total buyer cash needed$27,583
Earnest money paid−$0
Remaining funds due$27,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,271.57
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)$465.75
Initial HOA (3 months)$582.99
Prepaid interest, first (1 days)$47.80
Prepaid interest, second (1 days)$11.39
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 7 moOf the original 30-year loan at 6.860%
Interest already paid$24,917Through Nov 2026
Assumption only · ends Jun 2055$326,562
Assumption + second · ends Jun 2055, second Dec 2056$419,956
New conventional · ends Dec 2056$440,270