Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
Lowest payment- Down payment
- $45,958
- Funds due
- $58,134
- Interest + MI left
- $417,530
- First ends
- Nov 2055
Assumption
Assumption + second
$2,977/mo
+$255/mo- Down payment
- $20,958
- Funds due
- $34,401
- Interest + MI left
- $484,240
- First ends
- Nov 2055
New loan
New conventional
$3,206/mo
+$483/mo- Down payment
- $20,958
- Funds due
- $30,393
- Interest + MI left
- $576,814
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,042 | $354,042 | $379,042 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,217.16 | $2,217.16 | $2,624.41 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $75.81 |
| Taxes, insurance & HOA | $505.33 | $505.33 | $505.33 |
| Total housing payment | $2,722.49 | $2,977.24 | $3,205.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,958
Closing costs & prepaids$13,443
Usable credit−$0
Total buyer cash needed$34,401
Earnest money paid−$0
Remaining funds due$34,401
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,770.21
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)$1,000.00
Initial HOA (3 months)$66.00
Prepaid interest, first (2 days)$122.22
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 closing29 yrOf the original 30-year loan at 6.300%
Interest already paid$22,448Through Nov 2026
Assumption only · ends Nov 2055$417,530
Assumption + second · ends Nov 2055, second Dec 2056$484,240
New conventional · ends Dec 2056$576,814