Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,584/mo
Lowest payment- Down payment
- $81,938
- Funds due
- $93,903
- Interest + MI left
- $357,444
- First ends
- Oct 2054
Assumption
Assumption + second
$2,938/mo
+$354/mo- Down payment
- $37,938
- Funds due
- $51,164
- Interest + MI left
- $440,896
- First ends
- Oct 2054
New loan
New conventional
$3,044/mo
+$459/mo- Down payment
- $37,938
- Funds due
- $47,279
- Interest + MI left
- $511,110
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,062 | $293,062 | $337,062 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,941.81 | $1,941.81 | $2,333.75 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $67.41 |
| Taxes, insurance & HOA | $642.42 | $642.42 | $642.42 |
| Total housing payment | $2,584.22 | $2,938.26 | $3,043.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,938
Closing costs & prepaids$13,225
Usable credit−$0
Total buyer cash needed$51,164
Earnest money paid−$0
Remaining funds due$51,164
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%)$1,465.31
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)$496.25
Initial HOA (3 months)$981.00
Prepaid interest, first (1 days)$54.04
Prepaid interest, second (1 days)$10.85
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 11 moOf the original 30-year loan at 6.730%
Interest already paid$41,607Through Nov 2026
Assumption only · ends Oct 2054$357,444
Assumption + second · ends Oct 2054, second Dec 2056$440,896
New conventional · ends Dec 2056$511,110