Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,958/mo
Lowest payment- Down payment
- $85,457
- Funds due
- $95,925
- Interest + MI left
- $314,412
- First ends
- Dec 2054
Assumption
Assumption + second
$2,353/mo
+$394/mo- Down payment
- $36,457
- Funds due
- $48,199
- Interest + MI left
- $407,348
- First ends
- Dec 2054
New loan
New conventional
$2,515/mo
+$557/mo- Down payment
- $36,457
- Funds due
- $44,431
- Interest + MI left
- $490,458
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,443 | $274,443 | $323,443 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,747.34 | $1,747.34 | $2,239.45 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $64.69 |
| Taxes, insurance & HOA | $211.08 | $211.08 | $211.08 |
| Total housing payment | $1,958.43 | $2,352.69 | $2,515.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,457
Closing costs & prepaids$11,742
Usable credit−$0
Total buyer cash needed$48,199
Earnest money paid−$0
Remaining funds due$48,199
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,372.21
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)$111.25
Initial HOA (3 months)$72.00
Prepaid interest, first (2 days)$95.49
Prepaid interest, second (2 days)$24.16
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 1 moOf the original 30-year loan at 6.350%
Interest already paid$33,815Through Nov 2026
Assumption only · ends Dec 2054$314,412
Assumption + second · ends Dec 2054, second Dec 2056$407,348
New conventional · ends Dec 2056$490,458