Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,407/mo
Lowest payment- Down payment
- $68,353
- Funds due
- $80,258
- Interest + MI left
- $318,580
- First ends
- Jun 2055
Assumption
Assumption + second
$2,689/mo
+$282/mo- Down payment
- $33,353
- Funds due
- $46,586
- Interest + MI left
- $384,962
- First ends
- Jun 2055
New loan
New conventional
$2,763/mo
+$356/mo- Down payment
- $33,353
- Funds due
- $42,938
- Interest + MI left
- $427,694
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,547 | $257,547 | $292,547 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,684.58 | $1,684.58 | $1,981.82 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $58.51 |
| Taxes, insurance & HOA | $722.33 | $722.33 | $722.33 |
| Total housing payment | $2,406.91 | $2,688.53 | $2,762.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,353
Closing costs & prepaids$13,233
Usable credit−$0
Total buyer cash needed$46,586
Earnest money paid−$0
Remaining funds due$46,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,259.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,287.73
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)$391.00
Initial HOA (3 months)$1,326.00
Prepaid interest, first (9 days)$423.58
Prepaid interest, second (9 days)$77.67
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 6 moOf the original 30-year loan at 6.67%
Interest already paid$25,999Through Dec 2026
Assumption only · ends Jun 2055$318,580
Assumption + second · ends Jun 2055, second Jan 2057$384,962
New conventional · ends Jan 2057$427,694