Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,748/mo
Lowest payment- Down payment
- $47,282
- Funds due
- $59,601
- Interest + MI left
- $454,711
- First ends
- Aug 2055
Assumption
Assumption + second
$3,023/mo
+$275/mo- Down payment
- $20,282
- Funds due
- $33,930
- Interest + MI left
- $526,758
- First ends
- Aug 2055
New loan
New conventional
$3,042/mo
+$294/mo- Down payment
- $20,282
- Funds due
- $29,922
- Interest + MI left
- $554,766
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,018 | $351,018 | $378,018 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,342.24 | $2,342.24 | $2,560.83 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $75.60 |
| Taxes, insurance & HOA | $405.33 | $405.33 | $405.33 |
| Total housing payment | $2,747.57 | $3,022.70 | $3,041.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,282
Closing costs & prepaids$13,647
Usable credit−$0
Total buyer cash needed$33,930
Earnest money paid−$0
Remaining funds due$33,930
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,983.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,755.09
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)$478.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$596.35
Prepaid interest, second (9 days)$79.06
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 8 moOf the original 30-year loan at 6.89%
Interest already paid$32,493Through Dec 2026
Assumption only · ends Aug 2055$454,711
Assumption + second · ends Aug 2055, second Jan 2057$526,758
New conventional · ends Jan 2057$554,766