Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,942/mo
Lowest payment- Down payment
- $46,469
- Funds due
- $58,867
- Interest + MI left
- $430,029
- First ends
- Mar 2054
Assumption
Assumption + second
$3,197/mo
+$255/mo- Down payment
- $21,469
- Funds due
- $35,133
- Interest + MI left
- $496,739
- First ends
- Mar 2054
New loan
New conventional
$3,298/mo
+$357/mo- Down payment
- $21,469
- Funds due
- $31,057
- Interest + MI left
- $594,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,531 | $365,531 | $390,531 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,425.49 | $2,425.49 | $2,703.96 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $78.11 |
| Taxes, insurance & HOA | $516.33 | $516.33 | $516.33 |
| Total housing payment | $2,941.82 | $3,196.57 | $3,298.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,469
Closing costs & prepaids$13,665
Usable credit−$0
Total buyer cash needed$35,133
Earnest money paid−$0
Remaining funds due$35,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,120.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,827.66
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)$1,030.00
Initial HOA (3 months)$69.00
Prepaid interest, first (2 days)$133.59
Prepaid interest, second (2 days)$16.27
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 4 moOf the original 30-year loan at 6.670%
Interest already paid$66,102Through Nov 2026
Assumption only · ends Mar 2054$430,029
Assumption + second · ends Mar 2054, second Dec 2056$496,739
New conventional · ends Dec 2056$594,297