Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,322/mo
Lowest payment- Down payment
- $118,274
- Funds due
- $130,210
- Interest + MI left
- $253,449
- First ends
- Jul 2054
Assumption
Assumption + second
$3,005/mo
+$684/mo- Down payment
- $33,274
- Funds due
- $46,502
- Interest + MI left
- $414,664
- First ends
- Jul 2054
New loan
New conventional
$3,014/mo
+$692/mo- Down payment
- $33,274
- Funds due
- $43,091
- Interest + MI left
- $442,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,726 | $206,726 | $291,726 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,386.07 | $1,386.07 | $2,019.85 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $58.35 |
| Taxes, insurance & HOA | $935.50 | $935.50 | $935.50 |
| Total housing payment | $2,321.57 | $3,005.50 | $3,013.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,274
Closing costs & prepaids$13,227
Usable credit−$0
Total buyer cash needed$46,502
Earnest money paid−$0
Remaining funds due$46,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,033.63
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)$220.50
Initial HOA (3 months)$2,136.00
Prepaid interest, first (2 days)$77.25
Prepaid interest, second (2 days)$41.92
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 closing27 yr 8 moOf the original 30-year loan at 6.820%
Interest already paid$33,358Through Nov 2026
Assumption only · ends Jul 2054$253,449
Assumption + second · ends Jul 2054, second Dec 2056$414,664
New conventional · ends Dec 2056$442,364