Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $217,370
- Funds due
- $230,644
- Interest + MI left
- $350,183
- First ends
- Jul 2054
Assumption
Assumption + second
$3,745/mo
+$1,225/mo- Down payment
- $50,370
- Funds due
- $64,931
- Interest + MI left
- $624,322
- First ends
- Jul 2054
New loan
New conventional
$3,816/mo
+$1,297/mo- Down payment
- $50,370
- Funds due
- $60,972
- Interest + MI left
- $681,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,630 | $282,630 | $449,630 |
| Second mortgage | — | $167,000 | — |
| First P&I | $1,906.06 | $1,906.06 | $3,113.15 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $89.93 |
| Taxes, insurance & HOA | $613.25 | $613.25 | $613.25 |
| Total housing payment | $2,519.31 | $3,744.70 | $3,816.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,370
Closing costs & prepaids$14,561
Usable credit−$0
Total buyer cash needed$64,931
Earnest money paid−$0
Remaining funds due$64,931
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,413.15
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)$358.75
Initial HOA (3 months)$981.00
Prepaid interest, first (1 days)$53.27
Prepaid interest, second (1 days)$36.60
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 8 moOf the original 30-year loan at 6.880%
Interest already paid$46,000Through Nov 2026
Assumption only · ends Jul 2054$350,183
Assumption + second · ends Jul 2054, second Dec 2056$624,322
New conventional · ends Dec 2056$681,894