Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,617/mo
Lowest payment- Down payment
- $65,920
- Funds due
- $77,793
- Interest + MI left
- $407,241
- First ends
- Apr 2055
Assumption
Assumption + second
$2,826/mo
+$209/mo- Down payment
- $39,920
- Funds due
- $53,056
- Interest + MI left
- $456,554
- First ends
- Apr 2055
New loan
New conventional
$2,998/mo
+$381/mo- Down payment
- $39,920
- Funds due
- $48,968
- Interest + MI left
- $542,294
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,580 | $331,580 | $357,580 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,166.63 | $2,166.63 | $2,475.81 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $71.52 |
| Taxes, insurance & HOA | $450.58 | $450.58 | $450.58 |
| Total housing payment | $2,617.21 | $2,826.42 | $2,997.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,920
Closing costs & prepaids$13,136
Usable credit−$0
Total buyer cash needed$53,056
Earnest money paid−$0
Remaining funds due$53,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,975.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,657.90
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)$571.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$120.82
Prepaid interest, second (2 days)$12.82
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 5 moOf the original 30-year loan at 6.650%
Interest already paid$35,246Through Nov 2026
Assumption only · ends Apr 2055$407,241
Assumption + second · ends Apr 2055, second Dec 2056$456,554
New conventional · ends Dec 2056$542,294