Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,103/mo
Lowest payment- Down payment
- $196,699
- Funds due
- $208,448
- Interest + MI left
- $306,501
- First ends
- Aug 2054
Assumption
Assumption + second
$3,225/mo
+$1,123/mo- Down payment
- $43,699
- Funds due
- $56,732
- Interest + MI left
- $557,658
- First ends
- Aug 2054
New loan
New conventional
$3,250/mo
+$1,147/mo- Down payment
- $43,699
- Funds due
- $53,065
- Interest + MI left
- $591,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,301 | $237,301 | $390,301 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,633.04 | $1,633.04 | $2,702.37 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $78.06 |
| Taxes, insurance & HOA | $469.58 | $469.58 | $469.58 |
| Total housing payment | $2,102.62 | $3,225.28 | $3,250.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,699
Closing costs & prepaids$13,033
Usable credit−$0
Total buyer cash needed$56,732
Earnest money paid−$0
Remaining funds due$56,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,186.50
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)$679.75
Initial HOA (3 months)$279.00
Prepaid interest, first (1 days)$46.16
Prepaid interest, second (1 days)$33.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 7.100%
Interest already paid$38,393Through Nov 2026
Assumption only · ends Aug 2054$306,501
Assumption + second · ends Aug 2054, second Dec 2056$557,658
New conventional · ends Dec 2056$591,918