Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,751/mo
Lowest payment- Down payment
- $89,730
- Funds due
- $102,119
- Interest + MI left
- $439,964
- First ends
- Feb 2054
Assumption
Assumption + second
$3,129/mo
+$378/mo- Down payment
- $42,730
- Funds due
- $56,473
- Interest + MI left
- $529,106
- First ends
- Feb 2054
New loan
New conventional
$3,019/mo
+$269/mo- Down payment
- $42,730
- Funds due
- $52,310
- Interest + MI left
- $551,556
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,270 | $330,270 | $377,270 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,362.68 | $2,362.68 | $2,555.76 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $75.45 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $2,750.68 | $3,128.85 | $3,019.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,730
Closing costs & prepaids$13,744
Usable credit−$0
Total buyer cash needed$56,473
Earnest money paid−$0
Remaining funds due$56,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,651.35
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)$504.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$605.89
Prepaid interest, second (9 days)$104.30
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 2 moOf the original 30-year loan at 7.44%
Interest already paid$70,701Through Dec 2026
Assumption only · ends Feb 2054$439,964
Assumption + second · ends Feb 2054, second Jan 2057$529,106
New conventional · ends Jan 2057$551,556