Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,111/mo
Lowest payment- Down payment
- $67,695
- Funds due
- $81,128
- Interest + MI left
- $450,989
- First ends
- Nov 2054
Assumption
Assumption + second
$3,560/mo
+$448/mo- Down payment
- $23,695
- Funds due
- $38,393
- Interest + MI left
- $568,398
- First ends
- Nov 2054
New loan
New conventional
$3,730/mo
+$619/mo- Down payment
- $23,695
- Funds due
- $34,132
- Interest + MI left
- $671,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,305 | $397,305 | $441,305 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,524.68 | $2,524.68 | $3,055.51 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $88.26 |
| Taxes, insurance & HOA | $586.58 | $586.58 | $586.58 |
| Total housing payment | $3,111.27 | $3,559.63 | $3,730.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,695
Closing costs & prepaids$14,697
Usable credit−$0
Total buyer cash needed$38,393
Earnest money paid−$0
Remaining funds due$38,393
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,986.52
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)$1,192.25
Initial HOA (3 months)$67.50
Prepaid interest, first (1 days)$68.79
Prepaid interest, second (1 days)$14.32
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 closing28 yrOf the original 30-year loan at 6.320%
Interest already paid$50,872Through Nov 2026
Assumption only · ends Nov 2054$450,989
Assumption + second · ends Nov 2054, second Dec 2056$568,398
New conventional · ends Dec 2056$671,564