Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,295/mo
Lowest payment- Down payment
- $387,981
- Funds due
- $400,181
- Interest + MI left
- $155,540
- First ends
- Dec 2054
Assumption
Assumption + second
$3,695/mo
+$2,400/mo- Down payment
- $52,981
- Funds due
- $66,573
- Interest + MI left
- $684,533
- First ends
- Dec 2054
New loan
New conventional
$3,769/mo
+$2,474/mo- Down payment
- $52,981
- Funds due
- $63,341
- Interest + MI left
- $708,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,019 | $132,019 | $467,019 |
| Second mortgage | — | $335,000 | — |
| First P&I | $853.29 | $853.29 | $3,233.55 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | — | — | $93.40 |
| Taxes, insurance & HOA | $441.75 | $441.75 | $441.75 |
| Total housing payment | $1,295.04 | $3,695.02 | $3,768.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,981
Closing costs & prepaids$13,593
Usable credit−$0
Total buyer cash needed$66,573
Earnest money paid−$0
Remaining funds due$66,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$660.10
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$624.25
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$47.02
Prepaid interest, second (2 days)$142.26
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$16,645Through Nov 2026
Assumption only · ends Dec 2054$155,540
Assumption + second · ends Dec 2054, second Dec 2056$684,533
New conventional · ends Dec 2056$708,172