Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,008/mo
Lowest payment- Down payment
- $112,954
- Funds due
- $126,589
- Interest + MI left
- $434,356
- First ends
- Nov 2054
Assumption
Assumption + second
$3,523/mo
+$515/mo- Down payment
- $48,954
- Funds due
- $63,870
- Interest + MI left
- $555,741
- First ends
- Nov 2054
New loan
New conventional
$3,715/mo
+$706/mo- Down payment
- $48,954
- Funds due
- $59,491
- Interest + MI left
- $661,293
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,046 | $372,046 | $436,046 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,400.01 | $2,400.01 | $3,019.09 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $87.21 |
| Taxes, insurance & HOA | $608.33 | $608.33 | $608.33 |
| Total housing payment | $3,008.34 | $3,523.30 | $3,714.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,954
Closing costs & prepaids$14,917
Usable credit−$0
Total buyer cash needed$63,870
Earnest money paid−$0
Remaining funds due$63,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,860.23
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,212.50
Initial HOA (3 months)$112.50
Prepaid interest, first (2 days)$131.90
Prepaid interest, second (2 days)$31.56
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 6.470%
Interest already paid$48,751Through Nov 2026
Assumption only · ends Nov 2054$434,356
Assumption + second · ends Nov 2054, second Dec 2056$555,741
New conventional · ends Dec 2056$661,293