Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,160/mo
Lowest payment- Down payment
- $50,925
- Funds due
- $61,842
- Interest + MI left
- $325,108
- First ends
- Jun 2055
Assumption
Assumption + second
$2,516/mo
+$357/mo- Down payment
- $15,925
- Funds due
- $28,195
- Interest + MI left
- $418,502
- First ends
- Jun 2055
New loan
New conventional
$2,482/mo
+$323/mo- Down payment
- $15,925
- Funds due
- $24,702
- Interest + MI left
- $424,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,075 | $254,075 | $289,075 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,693.52 | $1,693.52 | $1,958.29 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $57.82 |
| Taxes, insurance & HOA | $466.33 | $466.33 | $466.33 |
| Total housing payment | $2,159.85 | $2,516.50 | $2,482.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,925
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$28,195
Earnest money paid−$0
Remaining funds due$28,195
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,270.37
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)$366.00
Initial HOA (3 months)$582.99
Prepaid interest, first (9 days)$429.77
Prepaid interest, second (9 days)$102.48
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 6.86%
Interest already paid$26,371Through Dec 2026
Assumption only · ends Jun 2055$325,108
Assumption + second · ends Jun 2055, second Jan 2057$418,502
New conventional · ends Jan 2057$424,179