Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
Lowest payment- Down payment
- $236,573
- Funds due
- $249,623
- Interest + MI left
- $356,741
- First ends
- Jun 2055
Assumption
Assumption + second
$3,677/mo
+$1,350/mo- Down payment
- $52,573
- Funds due
- $66,913
- Interest + MI left
- $658,787
- First ends
- Jun 2055
New loan
New conventional
$3,811/mo
+$1,485/mo- Down payment
- $52,573
- Funds due
- $62,906
- Interest + MI left
- $716,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,427 | $288,427 | $472,427 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,880.96 | $1,880.96 | $3,270.99 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $94.49 |
| Taxes, insurance & HOA | $445.92 | $445.92 | $445.92 |
| Total housing payment | $2,326.87 | $3,677.00 | $3,811.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,573
Closing costs & prepaids$14,341
Usable credit−$0
Total buyer cash needed$66,913
Earnest money paid−$0
Remaining funds due$66,913
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,442.14
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)$531.75
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$52.55
Prepaid interest, second (1 days)$40.33
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 6.650%
Interest already paid$27,404Through Nov 2026
Assumption only · ends Jun 2055$356,741
Assumption + second · ends Jun 2055, second Dec 2056$658,787
New conventional · ends Dec 2056$716,467