Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $129,431
- Funds due
- $140,513
- Interest + MI left
- $306,575
- First ends
- May 2055
Assumption
Assumption + second
$2,696/mo
+$732/mo- Down payment
- $38,431
- Funds due
- $50,898
- Interest + MI left
- $479,169
- First ends
- May 2055
New loan
New conventional
$2,711/mo
+$746/mo- Down payment
- $38,431
- Funds due
- $47,215
- Interest + MI left
- $498,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,069 | $250,069 | $341,069 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,632.39 | $1,632.39 | $2,310.52 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $68.21 |
| Taxes, insurance & HOA | $331.83 | $331.83 | $331.83 |
| Total housing payment | $1,964.22 | $2,696.43 | $2,710.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,431
Closing costs & prepaids$12,466
Usable credit−$0
Total buyer cash needed$50,898
Earnest money paid−$0
Remaining funds due$50,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,250.34
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)$455.50
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$272.95
Prepaid interest, second (6 days)$134.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing28 yr 5 moOf the original 30-year loan at 6.64%
Interest already paid$26,542Through Dec 2026
Assumption only · ends May 2055$306,575
Assumption + second · ends May 2055, second Jan 2057$479,169
New conventional · ends Jan 2057$498,699