Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,434/mo
Lowest payment- Down payment
- $124,742
- Funds due
- $137,082
- Interest + MI left
- $319,658
- First ends
- May 2055
Assumption
Assumption + second
$3,134/mo
+$700/mo- Down payment
- $37,742
- Funds due
- $51,461
- Interest + MI left
- $484,666
- First ends
- May 2055
New loan
New conventional
$3,115/mo
+$681/mo- Down payment
- $37,742
- Funds due
- $47,777
- Interest + MI left
- $493,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,258 | $250,258 | $337,258 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,671.31 | $1,671.31 | $2,284.70 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $67.45 |
| Taxes, insurance & HOA | $763.00 | $763.00 | $763.00 |
| Total housing payment | $2,434.31 | $3,134.33 | $3,115.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,742
Closing costs & prepaids$13,720
Usable credit−$0
Total buyer cash needed$51,461
Earnest money paid−$0
Remaining funds due$51,461
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,251.29
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)$450.00
Initial HOA (3 months)$1,389.00
Prepaid interest, first (6 days)$282.62
Prepaid interest, second (6 days)$128.71
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 6.87%
Interest already paid$27,471Through Dec 2026
Assumption only · ends May 2055$319,658
Assumption + second · ends May 2055, second Jan 2057$484,666
New conventional · ends Jan 2057$493,127