Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,679/mo
Lowest payment- Down payment
- $49,378
- Funds due
- $61,402
- Interest + MI left
- $369,848
- First ends
- Nov 2054
Assumption
Assumption + second
$2,994/mo
+$316/mo- Down payment
- $18,378
- Funds due
- $31,672
- Interest + MI left
- $452,568
- First ends
- Nov 2054
New loan
New conventional
$3,108/mo
+$429/mo- Down payment
- $18,378
- Funds due
- $27,875
- Interest + MI left
- $527,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,622 | $315,622 | $346,622 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,040.09 | $2,040.09 | $2,399.94 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $69.32 |
| Taxes, insurance & HOA | $638.50 | $638.50 | $638.50 |
| Total housing payment | $2,678.59 | $2,994.48 | $3,107.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,378
Closing costs & prepaids$13,294
Usable credit−$0
Total buyer cash needed$31,672
Earnest money paid−$0
Remaining funds due$31,672
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,578.11
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)$871.50
Initial HOA (3 months)$594.00
Prepaid interest, first (2 days)$112.24
Prepaid interest, second (2 days)$20.17
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 yrOf the original 30-year loan at 6.490%
Interest already paid$41,484Through Nov 2026
Assumption only · ends Nov 2054$369,848
Assumption + second · ends Nov 2054, second Dec 2056$452,568
New conventional · ends Dec 2056$527,547