Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $50,478
- Funds due
- $59,880
- Interest + MI left
- $270,924
- First ends
- Jul 2054
Assumption
Assumption + second
$2,116/mo
+$377/mo- Down payment
- $13,478
- Funds due
- $24,155
- Interest + MI left
- $369,655
- First ends
- Jul 2054
New loan
New conventional
$2,068/mo
+$330/mo- Down payment
- $13,478
- Funds due
- $20,900
- Interest + MI left
- $382,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,522 | $214,522 | $251,522 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,462.19 | $1,462.19 | $1,741.49 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $50.30 |
| Taxes, insurance & HOA | $276.58 | $276.58 | $276.58 |
| Total housing payment | $1,738.77 | $2,115.80 | $2,068.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,478
Closing costs & prepaids$10,677
Usable credit−$0
Total buyer cash needed$24,155
Earnest money paid−$0
Remaining funds due$24,155
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,072.61
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)$121.75
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$82.16
Prepaid interest, second (2 days)$24.08
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 8 moOf the original 30-year loan at 6.990%
Interest already paid$35,463Through Nov 2026
Assumption only · ends Jul 2054$270,924
Assumption + second · ends Jul 2054, second Dec 2056$369,655
New conventional · ends Dec 2056$382,758