Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $53,107
- Funds due
- $64,388
- Interest + MI left
- $273,277
- First ends
- Jan 2053
Assumption
Assumption + second
$2,725/mo
+$387/mo- Down payment
- $15,107
- Funds due
- $27,725
- Interest + MI left
- $374,676
- First ends
- Jan 2053
New loan
New conventional
$2,621/mo
+$283/mo- Down payment
- $15,107
- Funds due
- $24,330
- Interest + MI left
- $401,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,893 | $235,893 | $273,893 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,626.74 | $1,626.74 | $1,855.45 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $54.78 |
| Taxes, insurance & HOA | $710.58 | $710.58 | $710.58 |
| Total housing payment | $2,337.33 | $2,724.55 | $2,620.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,107
Closing costs & prepaids$12,618
Usable credit−$0
Total buyer cash needed$27,725
Earnest money paid−$0
Remaining funds due$27,725
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,179.47
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)$346.75
Initial HOA (3 months)$1,335.00
Prepaid interest, first (7 days)$312.15
Prepaid interest, second (7 days)$86.54
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing26 yr 1 moOf the original 30-year loan at 6.9%
Interest already paid$65,350Through Dec 2026
Assumption only · ends Jan 2053$273,277
Assumption + second · ends Jan 2053, second Jan 2057$374,676
New conventional · ends Jan 2057$401,901