Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,186/mo
Lowest payment- Down payment
- $57,851
- Funds due
- $69,121
- Interest + MI left
- $319,119
- First ends
- Dec 2054
Assumption
Assumption + second
$2,594/mo
+$408/mo- Down payment
- $17,851
- Funds due
- $30,488
- Interest + MI left
- $425,855
- First ends
- Dec 2054
New loan
New conventional
$2,684/mo
+$497/mo- Down payment
- $17,851
- Funds due
- $26,837
- Interest + MI left
- $487,450
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,149 | $292,149 | $332,149 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,819.25 | $1,819.25 | $2,250.09 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $66.43 |
| Taxes, insurance & HOA | $367.00 | $367.00 | $367.00 |
| Total housing payment | $2,186.25 | $2,593.85 | $2,683.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,851
Closing costs & prepaids$12,638
Usable credit−$0
Total buyer cash needed$30,488
Earnest money paid−$0
Remaining funds due$30,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,460.75
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)$420.00
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$440.87
Prepaid interest, second (9 days)$117.12
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 6.12%
Interest already paid$36,241Through Dec 2026
Assumption only · ends Dec 2054$319,119
Assumption + second · ends Dec 2054, second Jan 2057$425,855
New conventional · ends Jan 2057$487,450