Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,640/mo
Lowest payment- Down payment
- $106,160
- Funds due
- $118,293
- Interest + MI left
- $428,589
- First ends
- Feb 2055
Assumption
Assumption + second
$3,131/mo
+$491/mo- Down payment
- $45,160
- Funds due
- $58,558
- Interest + MI left
- $544,284
- First ends
- Feb 2055
New loan
New conventional
$3,244/mo
+$603/mo- Down payment
- $45,160
- Funds due
- $54,350
- Interest + MI left
- $613,209
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,340 | $343,340 | $404,340 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,277.08 | $2,277.08 | $2,799.57 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $80.87 |
| Taxes, insurance & HOA | $363.25 | $363.25 | $363.25 |
| Total housing payment | $2,640.33 | $3,131.15 | $3,243.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,160
Closing costs & prepaids$13,398
Usable credit−$0
Total buyer cash needed$58,558
Earnest money paid−$0
Remaining funds due$58,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,716.70
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)$387.75
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$63.78
Prepaid interest, second (1 days)$15.04
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 closing28 yr 3 moOf the original 30-year loan at 6.780%
Interest already paid$41,159Through Nov 2026
Assumption only · ends Feb 2055$428,589
Assumption + second · ends Feb 2055, second Dec 2056$544,284
New conventional · ends Dec 2056$613,209