Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
Lowest payment- Down payment
- $49,961
- Funds due
- $62,391
- Interest + MI left
- $515,491
- First ends
- Jul 2055
Assumption
Assumption + second
$3,274/mo
+$275/mo- Down payment
- $22,961
- Funds due
- $36,659
- Interest + MI left
- $587,538
- First ends
- Jul 2055
New loan
New conventional
$3,379/mo
+$381/mo- Down payment
- $22,961
- Funds due
- $32,391
- Interest + MI left
- $649,854
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,039 | $400,039 | $427,039 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,661.42 | $2,661.42 | $2,956.73 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $85.41 |
| Taxes, insurance & HOA | $337.25 | $337.25 | $337.25 |
| Total housing payment | $2,998.67 | $3,273.80 | $3,379.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,961
Closing costs & prepaids$13,698
Usable credit−$0
Total buyer cash needed$36,659
Earnest money paid−$0
Remaining funds due$36,659
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,000.19
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)$550.25
Initial HOA (3 months)$11.49
Prepaid interest, first (2 days)$150.37
Prepaid interest, second (2 days)$17.57
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 8 moOf the original 30-year loan at 6.860%
Interest already paid$36,872Through Nov 2026
Assumption only · ends Jul 2055$515,491
Assumption + second · ends Jul 2055, second Dec 2056$587,538
New conventional · ends Dec 2056$649,854