Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,693/mo
Lowest payment- Down payment
- $53,939
- Funds due
- $65,746
- Interest + MI left
- $437,470
- First ends
- Jul 2055
Assumption
Assumption + second
$3,030/mo
+$336/mo- Down payment
- $20,939
- Funds due
- $34,006
- Interest + MI left
- $525,527
- First ends
- Jul 2055
New loan
New conventional
$3,114/mo
+$421/mo- Down payment
- $20,939
- Funds due
- $30,028
- Interest + MI left
- $576,082
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,561 | $345,561 | $378,561 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,276.25 | $2,276.25 | $2,621.08 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $75.71 |
| Taxes, insurance & HOA | $417.17 | $417.17 | $417.17 |
| Total housing payment | $2,693.42 | $3,029.69 | $3,113.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,939
Closing costs & prepaids$13,067
Usable credit−$0
Total buyer cash needed$34,006
Earnest money paid−$0
Remaining funds due$34,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,727.80
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)$292.50
Initial HOA (3 months)$509.01
Prepaid interest, first (1 days)$64.00
Prepaid interest, second (1 days)$10.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.760%
Interest already paid$31,391Through Nov 2026
Assumption only · ends Jul 2055$437,470
Assumption + second · ends Jul 2055, second Dec 2056$525,527
New conventional · ends Dec 2056$576,082