Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,460/mo
Lowest payment- Down payment
- $278,960
- Funds due
- $290,184
- Interest + MI left
- $180,291
- First ends
- Jun 2054
Assumption
Assumption + second
$3,150/mo
+$1,691/mo- Down payment
- $42,960
- Funds due
- $55,534
- Interest + MI left
- $552,955
- First ends
- Jun 2054
New loan
New conventional
$3,195/mo
+$1,736/mo- Down payment
- $42,960
- Funds due
- $52,332
- Interest + MI left
- $579,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,040 | $146,040 | $382,040 |
| Second mortgage | — | $236,000 | — |
| First P&I | $985.89 | $985.89 | $2,645.17 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $76.41 |
| Taxes, insurance & HOA | $473.75 | $473.75 | $473.75 |
| Total housing payment | $1,459.64 | $3,150.38 | $3,195.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,960
Closing costs & prepaids$12,575
Usable credit−$0
Total buyer cash needed$55,534
Earnest money paid−$0
Remaining funds due$55,534
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$730.20
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)$821.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$55.06
Prepaid interest, second (2 days)$100.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.880%
Interest already paid$24,631Through Nov 2026
Assumption only · ends Jun 2054$180,291
Assumption + second · ends Jun 2054, second Dec 2056$552,955
New conventional · ends Dec 2056$579,313