Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,092/mo
Lowest payment- Down payment
- $205,010
- Funds due
- $217,600
- Interest + MI left
- $284,643
- First ends
- Oct 2054
Assumption
Assumption + second
$3,251/mo
+$1,159/mo- Down payment
- $47,010
- Funds due
- $61,057
- Interest + MI left
- $544,008
- First ends
- Oct 2054
New loan
New conventional
$3,392/mo
+$1,300/mo- Down payment
- $47,010
- Funds due
- $57,251
- Interest + MI left
- $617,019
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,990 | $263,990 | $421,990 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,642.61 | $1,642.61 | $2,858.71 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $84.40 |
| Taxes, insurance & HOA | $449.25 | $449.25 | $449.25 |
| Total housing payment | $2,091.86 | $3,251.21 | $3,392.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,010
Closing costs & prepaids$14,048
Usable credit−$0
Total buyer cash needed$61,057
Earnest money paid−$0
Remaining funds due$61,057
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,319.95
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$562.75
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$264.28
Prepaid interest, second (6 days)$207.78
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 closing27 yr 10 moOf the original 30-year loan at 6.09%
Interest already paid$35,348Through Dec 2026
Assumption only · ends Oct 2054$284,643
Assumption + second · ends Oct 2054, second Jan 2057$544,008
New conventional · ends Jan 2057$617,019