Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,497/mo
Lowest payment- Down payment
- $50,182
- Funds due
- $61,625
- Interest + MI left
- $381,328
- First ends
- Nov 2054
Assumption
Assumption + second
$2,813/mo
+$316/mo- Down payment
- $19,182
- Funds due
- $31,895
- Interest + MI left
- $464,049
- First ends
- Nov 2054
New loan
New conventional
$2,930/mo
+$433/mo- Down payment
- $19,182
- Funds due
- $28,045
- Interest + MI left
- $541,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,818 | $324,818 | $355,818 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,101.63 | $2,101.63 | $2,463.61 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $71.16 |
| Taxes, insurance & HOA | $395.25 | $395.25 | $395.25 |
| Total housing payment | $2,496.88 | $2,812.77 | $2,930.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,182
Closing costs & prepaids$12,714
Usable credit−$0
Total buyer cash needed$31,895
Earnest money paid−$0
Remaining funds due$31,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,624.09
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)$195.75
Initial HOA (3 months)$540.00
Prepaid interest, first (2 days)$115.69
Prepaid interest, second (2 days)$20.17
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 yrOf the original 30-year loan at 6.500%
Interest already paid$42,757Through Nov 2026
Assumption only · ends Nov 2054$381,328
Assumption + second · ends Nov 2054, second Dec 2056$464,049
New conventional · ends Dec 2056$541,472