Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,364/mo
Lowest payment- Down payment
- $59,585
- Funds due
- $70,874
- Interest + MI left
- $373,968
- First ends
- Nov 2055
Assumption
Assumption + second
$2,782/mo
+$418/mo- Down payment
- $18,585
- Funds due
- $31,151
- Interest + MI left
- $483,373
- First ends
- Nov 2055
New loan
New conventional
$2,879/mo
+$516/mo- Down payment
- $18,585
- Funds due
- $27,400
- Interest + MI left
- $527,163
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,415 | $305,415 | $346,415 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,952.25 | $1,952.25 | $2,398.51 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $69.28 |
| Taxes, insurance & HOA | $411.67 | $411.67 | $411.67 |
| Total housing payment | $2,363.92 | $2,781.71 | $2,879.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,585
Closing costs & prepaids$12,566
Usable credit−$0
Total buyer cash needed$31,151
Earnest money paid−$0
Remaining funds due$31,151
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,527.07
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)$509.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$108.78
Prepaid interest, second (2 days)$26.68
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$19,975Through Nov 2026
Assumption only · ends Nov 2055$373,968
Assumption + second · ends Nov 2055, second Dec 2056$483,373
New conventional · ends Dec 2056$527,163