Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,265/mo
Lowest payment- Down payment
- $88,254
- Funds due
- $99,737
- Interest + MI left
- $349,786
- First ends
- Nov 2054
Assumption
Assumption + second
$2,675/mo
+$410/mo- Down payment
- $37,254
- Funds due
- $50,101
- Interest + MI left
- $446,515
- First ends
- Nov 2054
New loan
New conventional
$2,696/mo
+$432/mo- Down payment
- $37,254
- Funds due
- $46,282
- Interest + MI left
- $485,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,746 | $280,746 | $331,746 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,882.19 | $1,882.19 | $2,247.36 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $66.35 |
| Taxes, insurance & HOA | $382.58 | $382.58 | $382.58 |
| Total housing payment | $2,264.77 | $2,675.13 | $2,696.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,254
Closing costs & prepaids$12,847
Usable credit−$0
Total buyer cash needed$50,101
Earnest money paid−$0
Remaining funds due$50,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,403.73
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)$442.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$474.19
Prepaid interest, second (9 days)$113.18
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 11 moOf the original 30-year loan at 6.85%
Interest already paid$40,558Through Dec 2026
Assumption only · ends Nov 2054$349,786
Assumption + second · ends Nov 2054, second Jan 2057$446,515
New conventional · ends Jan 2057$485,068