Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,889/mo
Lowest payment- Down payment
- $45,248
- Funds due
- $57,380
- Interest + MI left
- $416,321
- First ends
- Mar 2054
Assumption
Assumption + second
$3,144/mo
+$255/mo- Down payment
- $20,248
- Funds due
- $33,638
- Interest + MI left
- $483,031
- First ends
- Mar 2054
New loan
New conventional
$3,182/mo
+$293/mo- Down payment
- $20,248
- Funds due
- $29,695
- Interest + MI left
- $555,068
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,752 | $339,752 | $364,752 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,305.10 | $2,305.10 | $2,525.47 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $72.95 |
| Taxes, insurance & HOA | $583.67 | $583.67 | $583.67 |
| Total housing payment | $2,888.77 | $3,143.52 | $3,182.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,248
Closing costs & prepaids$13,390
Usable credit−$0
Total buyer cash needed$33,638
Earnest money paid−$0
Remaining funds due$33,638
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,698.76
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)$1,130.00
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$64.23
Prepaid interest, second (1 days)$8.13
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 4 moOf the original 30-year loan at 6.900%
Interest already paid$63,515Through Nov 2026
Assumption only · ends Mar 2054$416,321
Assumption + second · ends Mar 2054, second Dec 2056$483,031
New conventional · ends Dec 2056$555,068