Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,630/mo
Lowest payment- Down payment
- $85,746
- Funds due
- $97,739
- Interest + MI left
- $419,623
- First ends
- Jan 2054
Assumption
Assumption + second
$3,001/mo
+$370/mo- Down payment
- $39,746
- Funds due
- $53,091
- Interest + MI left
- $506,868
- First ends
- Jan 2054
New loan
New conventional
$2,857/mo
+$227/mo- Down payment
- $39,746
- Funds due
- $49,060
- Interest + MI left
- $516,370
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,154 | $307,154 | $353,154 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,236.23 | $2,236.23 | $2,392.39 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $70.63 |
| Taxes, insurance & HOA | $394.17 | $394.17 | $394.17 |
| Total housing payment | $2,630.40 | $3,000.53 | $2,857.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,746
Closing costs & prepaids$13,344
Usable credit−$0
Total buyer cash needed$53,091
Earnest money paid−$0
Remaining funds due$53,091
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,929.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,535.77
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)$471.50
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$577.11
Prepaid interest, second (9 days)$102.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 1 moOf the original 30-year loan at 7.62%
Interest already paid$69,324Through Dec 2026
Assumption only · ends Jan 2054$419,623
Assumption + second · ends Jan 2054, second Jan 2057$506,868
New conventional · ends Jan 2057$516,370