Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,817/mo
Lowest payment- Down payment
- $165,910
- Funds due
- $178,779
- Interest + MI left
- $458,120
- First ends
- Jan 2054
Assumption
Assumption + second
$3,661/mo
+$844/mo- Down payment
- $50,910
- Funds due
- $65,054
- Interest + MI left
- $646,899
- First ends
- Jan 2054
New loan
New conventional
$3,586/mo
+$769/mo- Down payment
- $50,910
- Funds due
- $60,828
- Interest + MI left
- $680,984
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,089 | $334,089 | $449,089 |
| Second mortgage | — | $115,000 | — |
| First P&I | $2,430.09 | $2,430.09 | $3,109.40 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $89.82 |
| Taxes, insurance & HOA | $387.00 | $387.00 | $387.00 |
| Total housing payment | $2,817.09 | $3,660.92 | $3,586.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,910
Closing costs & prepaids$14,144
Usable credit−$0
Total buyer cash needed$65,054
Earnest money paid−$0
Remaining funds due$65,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,670.44
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)$595.00
Initial HOA (3 months)$66.00
Prepaid interest, first (1 days)$69.75
Prepaid interest, second (1 days)$25.21
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$73,212Through Nov 2026
Assumption only · ends Jan 2054$458,120
Assumption + second · ends Jan 2054, second Dec 2056$646,899
New conventional · ends Dec 2056$680,984