Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $55,382
- Funds due
- $65,593
- Interest + MI left
- $259,528
- First ends
- Nov 2053
Assumption
Assumption + second
$2,201/mo
+$217/mo- Down payment
- $28,382
- Funds due
- $39,856
- Interest + MI left
- $310,737
- First ends
- Nov 2053
New loan
New conventional
$2,261/mo
+$278/mo- Down payment
- $28,382
- Funds due
- $36,437
- Interest + MI left
- $373,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,518 | $219,518 | $246,518 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,478.54 | $1,478.54 | $1,706.84 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $49.30 |
| Taxes, insurance & HOA | $505.00 | $505.00 | $505.00 |
| Total housing payment | $1,983.54 | $2,200.79 | $2,261.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,382
Closing costs & prepaids$11,474
Usable credit−$0
Total buyer cash needed$39,856
Earnest money paid−$0
Remaining funds due$39,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,097.59
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)$540.00
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$81.55
Prepaid interest, second (2 days)$13.32
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 yrOf the original 30-year loan at 6.780%
Interest already paid$45,486Through Nov 2026
Assumption only · ends Nov 2053$259,528
Assumption + second · ends Nov 2053, second Dec 2056$310,737
New conventional · ends Dec 2056$373,763