Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $83,113
- Funds due
- $94,510
- Interest + MI left
- $362,570
- First ends
- Apr 2055
Assumption
Assumption + second
$2,628/mo
+$370/mo- Down payment
- $37,113
- Funds due
- $49,862
- Interest + MI left
- $449,816
- First ends
- Apr 2055
New loan
New conventional
$2,649/mo
+$391/mo- Down payment
- $37,113
- Funds due
- $46,035
- Interest + MI left
- $479,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,887 | $281,887 | $327,887 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,895.46 | $1,895.46 | $2,221.22 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $65.58 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $2,258.13 | $2,628.26 | $2,649.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,113
Closing costs & prepaids$12,749
Usable credit−$0
Total buyer cash needed$49,862
Earnest money paid−$0
Remaining funds due$49,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,409.43
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)$438.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$481.68
Prepaid interest, second (9 days)$102.08
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 4 moOf the original 30-year loan at 6.93%
Interest already paid$32,869Through Dec 2026
Assumption only · ends Apr 2055$362,570
Assumption + second · ends Apr 2055, second Jan 2057$449,816
New conventional · ends Jan 2057$479,359