Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,599/mo
Lowest payment- Down payment
- $68,906
- Funds due
- $81,259
- Interest + MI left
- $398,237
- First ends
- Nov 2054
Assumption
Assumption + second
$2,817/mo
+$217/mo- Down payment
- $41,906
- Funds due
- $55,569
- Interest + MI left
- $449,447
- First ends
- Nov 2054
New loan
New conventional
$2,996/mo
+$396/mo- Down payment
- $41,906
- Funds due
- $51,416
- Interest + MI left
- $551,374
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,094 | $350,094 | $377,094 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,233.83 | $2,233.83 | $2,554.57 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $75.42 |
| Taxes, insurance & HOA | $365.58 | $365.58 | $365.58 |
| Total housing payment | $2,599.41 | $2,816.66 | $2,995.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,906
Closing costs & prepaids$13,663
Usable credit−$0
Total buyer cash needed$55,569
Earnest money paid−$0
Remaining funds due$55,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,750.47
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)$502.75
Initial HOA (3 months)$144.00
Prepaid interest, first (9 days)$548.16
Prepaid interest, second (9 days)$59.92
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 closing27 yr 11 moOf the original 30-year loan at 6.35%
Interest already paid$46,940Through Dec 2026
Assumption only · ends Nov 2054$398,237
Assumption + second · ends Nov 2054, second Jan 2057$449,447
New conventional · ends Jan 2057$551,374