Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $65,394
- Funds due
- $75,550
- Interest + MI left
- $288,577
- First ends
- Oct 2054
Assumption
Assumption + second
$2,234/mo
+$282/mo- Down payment
- $30,394
- Funds due
- $41,809
- Interest + MI left
- $354,959
- First ends
- Oct 2054
New loan
New conventional
$2,311/mo
+$358/mo- Down payment
- $30,394
- Funds due
- $38,291
- Interest + MI left
- $408,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,501 | $234,501 | $269,501 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,561.42 | $1,561.42 | $1,865.97 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $53.90 |
| Taxes, insurance & HOA | $390.92 | $390.92 | $390.92 |
| Total housing payment | $1,952.34 | $2,233.96 | $2,310.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,394
Closing costs & prepaids$11,414
Usable credit−$0
Total buyer cash needed$41,809
Earnest money paid−$0
Remaining funds due$41,809
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,998.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,172.50
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)$677.75
Initial HOA (3 months)$45.00
Prepaid interest, first (1 days)$43.56
Prepaid interest, second (1 days)$8.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 6.780%
Interest already paid$33,536Through Nov 2026
Assumption only · ends Oct 2054$288,577
Assumption + second · ends Oct 2054, second Dec 2056$354,959
New conventional · ends Dec 2056$408,662