Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,462/mo
Lowest payment- Down payment
- $111,224
- Funds due
- $123,174
- Interest + MI left
- $365,219
- First ends
- Jan 2055
Assumption
Assumption + second
$3,025/mo
+$563/mo- Down payment
- $41,224
- Funds due
- $54,459
- Interest + MI left
- $497,984
- First ends
- Jan 2055
New loan
New conventional
$3,116/mo
+$654/mo- Down payment
- $41,224
- Funds due
- $50,525
- Interest + MI left
- $556,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,776 | $296,776 | $366,776 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,958.57 | $1,958.57 | $2,539.48 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $73.36 |
| Taxes, insurance & HOA | $503.17 | $503.17 | $503.17 |
| Total housing payment | $2,461.73 | $3,024.97 | $3,116.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,224
Closing costs & prepaids$13,235
Usable credit−$0
Total buyer cash needed$54,459
Earnest money paid−$0
Remaining funds due$54,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,483.88
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)$654.50
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$109.28
Prepaid interest, second (2 days)$34.52
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 yr 2 moOf the original 30-year loan at 6.720%
Interest already paid$36,965Through Nov 2026
Assumption only · ends Jan 2055$365,219
Assumption + second · ends Jan 2055, second Dec 2056$497,984
New conventional · ends Dec 2056$556,167