Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,367/mo
Lowest payment- Down payment
- $103,153
- Funds due
- $115,261
- Interest + MI left
- $357,215
- First ends
- Jul 2055
Assumption
Assumption + second
$2,874/mo
+$507/mo- Down payment
- $40,153
- Funds due
- $53,651
- Interest + MI left
- $476,703
- First ends
- Jul 2055
New loan
New conventional
$2,970/mo
+$603/mo- Down payment
- $40,153
- Funds due
- $49,744
- Interest + MI left
- $526,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,847 | $296,847 | $359,847 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,906.89 | $1,906.89 | $2,437.73 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $71.97 |
| Taxes, insurance & HOA | $460.00 | $460.00 | $460.00 |
| Total housing payment | $2,366.89 | $2,873.80 | $2,969.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,153
Closing costs & prepaids$13,498
Usable credit−$0
Total buyer cash needed$53,651
Earnest money paid−$0
Remaining funds due$53,651
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,484.24
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)$480.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$475.77
Prepaid interest, second (9 days)$139.81
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$27,574Through Dec 2026
Assumption only · ends Jul 2055$357,215
Assumption + second · ends Jul 2055, second Jan 2057$476,703
New conventional · ends Jan 2057$526,156