Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,461/mo
Lowest payment- Down payment
- $51,204
- Funds due
- $63,013
- Interest + MI left
- $346,544
- First ends
- Jan 2055
Assumption
Assumption + second
$2,807/mo
+$346/mo- Down payment
- $17,204
- Funds due
- $30,363
- Interest + MI left
- $437,270
- First ends
- Jan 2055
New loan
New conventional
$2,827/mo
+$366/mo- Down payment
- $17,204
- Funds due
- $26,705
- Interest + MI left
- $473,724
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,796 | $288,796 | $322,796 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,885.28 | $1,885.28 | $2,186.73 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $64.56 |
| Taxes, insurance & HOA | $575.67 | $575.67 | $575.67 |
| Total housing payment | $2,460.95 | $2,807.41 | $2,826.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,204
Closing costs & prepaids$13,159
Usable credit−$0
Total buyer cash needed$30,363
Earnest money paid−$0
Remaining funds due$30,363
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,443.98
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)$408.00
Initial HOA (3 months)$869.01
Prepaid interest, first (9 days)$469.99
Prepaid interest, second (9 days)$99.55
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 closing28 yr 1 moOf the original 30-year loan at 6.6%
Interest already paid$36,963Through Dec 2026
Assumption only · ends Jan 2055$346,544
Assumption + second · ends Jan 2055, second Jan 2057$437,270
New conventional · ends Jan 2057$473,724