Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
Lowest payment- Down payment
- $46,108
- Funds due
- $58,517
- Interest + MI left
- $473,909
- First ends
- Aug 2054
Assumption
Assumption + second
$3,277/mo
+$255/mo- Down payment
- $21,108
- Funds due
- $34,783
- Interest + MI left
- $540,619
- First ends
- Aug 2054
New loan
New conventional
$3,318/mo
+$296/mo- Down payment
- $21,108
- Funds due
- $30,662
- Interest + MI left
- $607,101
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,892 | $373,892 | $398,892 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,545.95 | $2,545.95 | $2,761.85 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $79.78 |
| Taxes, insurance & HOA | $476.00 | $476.00 | $476.00 |
| Total housing payment | $3,021.95 | $3,276.70 | $3,317.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,108
Closing costs & prepaids$13,675
Usable credit−$0
Total buyer cash needed$34,783
Earnest money paid−$0
Remaining funds due$34,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,869.46
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)$849.00
Initial HOA (3 months)$129.00
Prepaid interest, first (2 days)$143.21
Prepaid interest, second (2 days)$16.27
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 9 moOf the original 30-year loan at 6.990%
Interest already paid$59,570Through Nov 2026
Assumption only · ends Aug 2054$473,909
Assumption + second · ends Aug 2054, second Dec 2056$540,619
New conventional · ends Dec 2056$607,101