Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,068/mo
Lowest payment- Down payment
- $63,027
- Funds due
- $73,815
- Interest + MI left
- $265,169
- First ends
- May 2055
Assumption
Assumption + second
$2,358/mo
+$290/mo- Down payment
- $27,027
- Funds due
- $39,118
- Interest + MI left
- $333,449
- First ends
- May 2055
New loan
New conventional
$2,378/mo
+$310/mo- Down payment
- $27,027
- Funds due
- $35,769
- Interest + MI left
- $355,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,873 | $206,873 | $242,873 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,384.29 | $1,384.29 | $1,645.31 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $48.57 |
| Taxes, insurance & HOA | $684.00 | $684.00 | $684.00 |
| Total housing payment | $2,068.29 | $2,357.95 | $2,377.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,027
Closing costs & prepaids$12,091
Usable credit−$0
Total buyer cash needed$39,118
Earnest money paid−$0
Remaining funds due$39,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,034.36
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)$324.00
Initial HOA (3 months)$1,278.00
Prepaid interest, first (6 days)$234.30
Prepaid interest, second (6 days)$53.26
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 6.89%
Interest already paid$22,774Through Dec 2026
Assumption only · ends May 2055$265,169
Assumption + second · ends May 2055, second Jan 2057$333,449
New conventional · ends Jan 2057$355,120