Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,592/mo
Lowest payment- Down payment
- $85,462
- Funds due
- $96,893
- Interest + MI left
- $421,575
- First ends
- Jan 2054
Assumption
Assumption + second
$2,962/mo
+$370/mo- Down payment
- $39,462
- Funds due
- $52,165
- Interest + MI left
- $508,820
- First ends
- Jan 2054
New loan
New conventional
$2,874/mo
+$282/mo- Down payment
- $39,462
- Funds due
- $48,182
- Interest + MI left
- $536,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,438 | $307,438 | $353,438 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,236.23 | $2,236.23 | $2,447.13 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $70.69 |
| Taxes, insurance & HOA | $355.92 | $355.92 | $355.92 |
| Total housing payment | $2,592.15 | $2,962.28 | $2,873.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,462
Closing costs & prepaids$12,703
Usable credit−$0
Total buyer cash needed$52,165
Earnest money paid−$0
Remaining funds due$52,165
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,929.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,537.19
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)$356.75
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$128.37
Prepaid interest, second (2 days)$22.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 7.620%
Interest already paid$67,372Through Nov 2026
Assumption only · ends Jan 2054$421,575
Assumption + second · ends Jan 2054, second Dec 2056$508,820
New conventional · ends Dec 2056$536,013