Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
Lowest payment- Down payment
- $89,417
- Funds due
- $101,166
- Interest + MI left
- $442,013
- First ends
- Feb 2054
Assumption
Assumption + second
$3,072/mo
+$378/mo- Down payment
- $42,417
- Funds due
- $55,439
- Interest + MI left
- $531,156
- First ends
- Feb 2054
New loan
New conventional
$3,021/mo
+$327/mo- Down payment
- $42,417
- Funds due
- $51,315
- Interest + MI left
- $572,555
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,583 | $330,583 | $377,583 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,362.68 | $2,362.68 | $2,614.31 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $75.52 |
| Taxes, insurance & HOA | $331.25 | $331.25 | $331.25 |
| Total housing payment | $2,693.93 | $3,072.10 | $3,021.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,417
Closing costs & prepaids$13,023
Usable credit−$0
Total buyer cash needed$55,439
Earnest money paid−$0
Remaining funds due$55,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,652.92
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)$333.75
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$134.77
Prepaid interest, second (2 days)$23.18
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 closing27 yr 3 moOf the original 30-year loan at 7.440%
Interest already paid$68,652Through Nov 2026
Assumption only · ends Feb 2054$442,013
Assumption + second · ends Feb 2054, second Dec 2056$531,156
New conventional · ends Dec 2056$572,555