Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
Lowest payment- Down payment
- $68,101
- Funds due
- $79,447
- Interest + MI left
- $320,013
- First ends
- Jun 2055
Assumption
Assumption + second
$2,611/mo
+$282/mo- Down payment
- $33,101
- Funds due
- $45,714
- Interest + MI left
- $386,395
- First ends
- Jun 2055
New loan
New conventional
$2,731/mo
+$401/mo- Down payment
- $33,101
- Funds due
- $42,058
- Interest + MI left
- $443,991
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,799 | $257,799 | $292,799 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,684.58 | $1,684.58 | $2,027.28 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $58.56 |
| Taxes, insurance & HOA | $645.17 | $645.17 | $645.17 |
| Total housing payment | $2,329.75 | $2,611.37 | $2,731.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,101
Closing costs & prepaids$12,613
Usable credit−$0
Total buyer cash needed$45,714
Earnest money paid−$0
Remaining funds due$45,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,259.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.99
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)$159.50
Initial HOA (3 months)$1,326.00
Prepaid interest, first (2 days)$94.22
Prepaid interest, second (2 days)$17.26
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 closing28 yr 7 moOf the original 30-year loan at 6.670%
Interest already paid$24,567Through Nov 2026
Assumption only · ends Jun 2055$320,013
Assumption + second · ends Jun 2055, second Dec 2056$386,395
New conventional · ends Dec 2056$443,991