Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $69,442
- Funds due
- $80,265
- Interest + MI left
- $436,932
- First ends
- Nov 2063
Assumption
Assumption + second
$2,307/mo
+$282/mo- Down payment
- $34,442
- Funds due
- $46,524
- Interest + MI left
- $503,315
- First ends
- Nov 2063
New loan
New conventional
$2,585/mo
+$559/mo- Down payment
- $34,442
- Funds due
- $42,814
- Interest + MI left
- $455,696
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,558 | $265,558 | $300,558 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,582.19 | $1,582.19 | $2,081.00 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $60.11 |
| Taxes, insurance & HOA | $443.41 | $443.41 | $443.41 |
| Total housing payment | $2,025.60 | $2,307.22 | $2,584.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,442
Closing costs & prepaids$12,082
Usable credit−$0
Total buyer cash needed$46,524
Earnest money paid−$0
Remaining funds due$46,524
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,327.79
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)$833.50
Initial HOA (3 months)$46.74
Prepaid interest, first (1 days)$47.29
Prepaid interest, second (1 days)$8.63
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 closing37 yrOf the original 40-year loan at 6.500%
Interest already paid$52,269Through Nov 2026
Assumption only · ends Nov 2063$436,932
Assumption + second · ends Nov 2063, second Dec 2056$503,315
New conventional · ends Dec 2056$455,696