Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,539/mo
Lowest payment- Down payment
- $73,961
- Funds due
- $86,183
- Interest + MI left
- $376,891
- First ends
- Dec 2054
Assumption
Assumption + second
$2,812/mo
+$274/mo- Down payment
- $39,961
- Funds due
- $53,509
- Interest + MI left
- $441,377
- First ends
- Dec 2054
New loan
New conventional
$2,937/mo
+$399/mo- Down payment
- $39,961
- Funds due
- $49,499
- Interest + MI left
- $519,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,039 | $321,039 | $355,039 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,077.17 | $2,077.17 | $2,405.16 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $71.01 |
| Taxes, insurance & HOA | $461.33 | $461.33 | $461.33 |
| Total housing payment | $2,538.50 | $2,812.07 | $2,937.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,961
Closing costs & prepaids$13,547
Usable credit−$0
Total buyer cash needed$53,509
Earnest money paid−$0
Remaining funds due$53,509
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,605.19
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)$474.00
Initial HOA (3 months)$459.99
Prepaid interest, first (9 days)$514.54
Prepaid interest, second (9 days)$75.45
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 yrOf the original 30-year loan at 6.5%
Interest already paid$42,260Through Dec 2026
Assumption only · ends Dec 2054$376,891
Assumption + second · ends Dec 2054, second Jan 2057$441,377
New conventional · ends Jan 2057$519,126