Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $137,901
- Funds due
- $150,477
- Interest + MI left
- $368,203
- First ends
- Nov 2054
Assumption
Assumption + second
$3,165/mo
+$740/mo- Down payment
- $45,901
- Funds due
- $59,863
- Interest + MI left
- $542,694
- First ends
- Nov 2054
New loan
New conventional
$3,232/mo
+$808/mo- Down payment
- $45,901
- Funds due
- $55,786
- Interest + MI left
- $598,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,099 | $317,099 | $409,099 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,045.68 | $2,045.68 | $2,771.38 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $81.82 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,424.35 | $3,164.60 | $3,231.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,901
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$59,863
Earnest money paid−$0
Remaining funds due$59,863
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,585.50
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)$546.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$336.73
Prepaid interest, second (6 days)$136.11
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 6.46%
Interest already paid$43,241Through Dec 2026
Assumption only · ends Nov 2054$368,203
Assumption + second · ends Nov 2054, second Jan 2057$542,694
New conventional · ends Jan 2057$598,170