Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,144/mo
Lowest payment- Down payment
- $50,462
- Funds due
- $63,182
- Interest + MI left
- $480,256
- First ends
- Jun 2054
Assumption
Assumption + second
$3,439/mo
+$296/mo- Down payment
- $21,462
- Funds due
- $35,451
- Interest + MI left
- $557,640
- First ends
- Jun 2054
New loan
New conventional
$3,436/mo
+$292/mo- Down payment
- $21,462
- Funds due
- $31,319
- Interest + MI left
- $614,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,537 | $374,537 | $403,537 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,582.46 | $2,582.46 | $2,794.01 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $80.71 |
| Taxes, insurance & HOA | $561.17 | $561.17 | $561.17 |
| Total housing payment | $3,143.62 | $3,439.13 | $3,435.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,462
Closing costs & prepaids$13,989
Usable credit−$0
Total buyer cash needed$35,451
Earnest money paid−$0
Remaining funds due$35,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,872.69
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)$1,062.50
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$145.71
Prepaid interest, second (2 days)$18.87
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 7.100%
Interest already paid$65,152Through Nov 2026
Assumption only · ends Jun 2054$480,256
Assumption + second · ends Jun 2054, second Dec 2056$557,640
New conventional · ends Dec 2056$614,170