Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,691/mo
Lowest payment- Down payment
- $106,497
- Funds due
- $119,290
- Interest + MI left
- $426,649
- First ends
- Feb 2055
Assumption
Assumption + second
$3,182/mo
+$491/mo- Down payment
- $45,497
- Funds due
- $59,675
- Interest + MI left
- $542,344
- First ends
- Feb 2055
New loan
New conventional
$3,231/mo
+$541/mo- Down payment
- $45,497
- Funds due
- $55,469
- Interest + MI left
- $590,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,003 | $343,003 | $404,003 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,277.08 | $2,277.08 | $2,736.86 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $80.80 |
| Taxes, insurance & HOA | $413.83 | $413.83 | $413.83 |
| Total housing payment | $2,690.91 | $3,181.73 | $3,231.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,497
Closing costs & prepaids$14,178
Usable credit−$0
Total buyer cash needed$59,675
Earnest money paid−$0
Remaining funds due$59,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,715.02
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)$539.50
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$573.43
Prepaid interest, second (9 days)$135.37
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 2 moOf the original 30-year loan at 6.78%
Interest already paid$43,099Through Dec 2026
Assumption only · ends Feb 2055$426,649
Assumption + second · ends Feb 2055, second Jan 2057$542,344
New conventional · ends Jan 2057$590,719