Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,450/mo
Lowest payment- Down payment
- $180,031
- Funds due
- $193,031
- Interest + MI left
- $333,038
- First ends
- Feb 2055
Assumption
Assumption + second
$3,448/mo
+$998/mo- Down payment
- $44,031
- Funds due
- $58,549
- Interest + MI left
- $556,289
- First ends
- Feb 2055
New loan
New conventional
$3,457/mo
+$1,007/mo- Down payment
- $44,031
- Funds due
- $54,754
- Interest + MI left
- $578,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,869 | $259,869 | $395,869 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,754.16 | $1,754.16 | $2,681.75 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $79.17 |
| Taxes, insurance & HOA | $696.00 | $696.00 | $696.00 |
| Total housing payment | $2,450.16 | $3,448.08 | $3,456.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,031
Closing costs & prepaids$14,518
Usable credit−$0
Total buyer cash needed$58,549
Earnest money paid−$0
Remaining funds due$58,549
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,299.34
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)$528.00
Initial HOA (3 months)$1,110.00
Prepaid interest, first (9 days)$445.34
Prepaid interest, second (9 days)$268.27
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 2 moOf the original 30-year loan at 6.95%
Interest already paid$33,460Through Dec 2026
Assumption only · ends Feb 2055$333,038
Assumption + second · ends Feb 2055, second Jan 2057$556,289
New conventional · ends Jan 2057$578,826