Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,429/mo
Lowest payment- Down payment
- $164,235
- Funds due
- $177,399
- Interest + MI left
- $347,957
- First ends
- Nov 2054
Assumption
Assumption + second
$3,280/mo
+$851/mo- Down payment
- $48,235
- Funds due
- $62,878
- Interest + MI left
- $538,377
- First ends
- Nov 2054
New loan
New conventional
$3,455/mo
+$1,026/mo- Down payment
- $48,235
- Funds due
- $58,831
- Interest + MI left
- $629,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,765 | $314,765 | $430,765 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,978.27 | $1,978.27 | $2,918.15 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $86.15 |
| Taxes, insurance & HOA | $450.25 | $450.25 | $450.25 |
| Total housing payment | $2,428.52 | $3,279.69 | $3,454.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,235
Closing costs & prepaids$14,643
Usable credit−$0
Total buyer cash needed$62,878
Earnest money paid−$0
Remaining funds due$62,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,573.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$481.20
Prepaid interest, second (9 days)$228.82
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 6.2%
Interest already paid$41,222Through Dec 2026
Assumption only · ends Nov 2054$347,957
Assumption + second · ends Nov 2054, second Jan 2057$538,377
New conventional · ends Jan 2057$629,850