Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,340/mo
Lowest payment- Down payment
- $59,883
- Funds due
- $71,480
- Interest + MI left
- $372,314
- First ends
- Nov 2055
Assumption
Assumption + second
$2,758/mo
+$418/mo- Down payment
- $18,883
- Funds due
- $31,850
- Interest + MI left
- $481,718
- First ends
- Nov 2055
New loan
New conventional
$2,802/mo
+$462/mo- Down payment
- $18,883
- Funds due
- $28,096
- Interest + MI left
- $507,880
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,117 | $305,117 | $346,117 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,952.25 | $1,952.25 | $2,344.72 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $69.22 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $2,340.25 | $2,758.04 | $2,801.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,883
Closing costs & prepaids$12,967
Usable credit−$0
Total buyer cash needed$31,850
Earnest money paid−$0
Remaining funds due$31,850
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,525.58
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)$438.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$489.02
Prepaid interest, second (9 days)$120.05
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$21,629Through Dec 2026
Assumption only · ends Nov 2055$372,314
Assumption + second · ends Nov 2055, second Jan 2057$481,718
New conventional · ends Jan 2057$507,880