Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,589/mo
Lowest payment- Down payment
- $92,296
- Funds due
- $104,590
- Interest + MI left
- $405,991
- First ends
- Nov 2054
Assumption
Assumption + second
$2,975/mo
+$386/mo- Down payment
- $44,296
- Funds due
- $57,911
- Interest + MI left
- $497,029
- First ends
- Nov 2054
New loan
New conventional
$3,099/mo
+$510/mo- Down payment
- $44,296
- Funds due
- $53,712
- Interest + MI left
- $578,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,704 | $347,704 | $395,704 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,249.84 | $2,249.84 | $2,680.64 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $79.14 |
| Taxes, insurance & HOA | $339.00 | $339.00 | $339.00 |
| Total housing payment | $2,588.84 | $2,975.05 | $3,098.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,296
Closing costs & prepaids$13,615
Usable credit−$0
Total buyer cash needed$57,911
Earnest money paid−$0
Remaining funds due$57,911
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,738.52
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)$528.00
Initial HOA (3 months)$39.00
Prepaid interest, first (6 days)$370.95
Prepaid interest, second (6 days)$71.01
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$47,631Through Dec 2026
Assumption only · ends Nov 2054$405,991
Assumption + second · ends Nov 2054, second Jan 2057$497,029
New conventional · ends Jan 2057$578,585