Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $129,184
- Funds due
- $140,186
- Interest + MI left
- $307,960
- First ends
- May 2055
Assumption
Assumption + second
$2,730/mo
+$732/mo- Down payment
- $38,184
- Funds due
- $50,481
- Interest + MI left
- $480,554
- First ends
- May 2055
New loan
New conventional
$2,797/mo
+$799/mo- Down payment
- $38,184
- Funds due
- $46,807
- Interest + MI left
- $517,629
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,316 | $250,316 | $341,316 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,632.39 | $1,632.39 | $2,363.20 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $68.26 |
| Taxes, insurance & HOA | $365.58 | $365.58 | $365.58 |
| Total housing payment | $1,997.97 | $2,730.18 | $2,797.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,184
Closing costs & prepaids$12,297
Usable credit−$0
Total buyer cash needed$50,481
Earnest money paid−$0
Remaining funds due$50,481
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,251.58
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)$556.75
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$91.07
Prepaid interest, second (2 days)$44.88
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 closing28 yr 6 moOf the original 30-year loan at 6.640%
Interest already paid$25,157Through Nov 2026
Assumption only · ends May 2055$307,960
Assumption + second · ends May 2055, second Dec 2056$480,554
New conventional · ends Dec 2056$517,629