Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $63,672
- Funds due
- $75,529
- Interest + MI left
- $298,279
- First ends
- Sep 2054
Assumption
Assumption + second
$2,782/mo
+$266/mo- Down payment
- $30,672
- Funds due
- $43,812
- Interest + MI left
- $360,869
- First ends
- Sep 2054
New loan
New conventional
$2,773/mo
+$256/mo- Down payment
- $30,672
- Funds due
- $40,282
- Interest + MI left
- $387,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,328 | $235,328 | $268,328 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,602.43 | $1,602.43 | $1,805.06 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $53.67 |
| Taxes, insurance & HOA | $914.17 | $914.17 | $914.17 |
| Total housing payment | $2,516.59 | $2,782.12 | $2,772.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,672
Closing costs & prepaids$13,140
Usable credit−$0
Total buyer cash needed$43,812
Earnest money paid−$0
Remaining funds due$43,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,176.64
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)$762.50
Initial HOA (3 months)$1,530.00
Prepaid interest, first (4 days)$180.27
Prepaid interest, second (4 days)$32.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.99%
Interest already paid$37,494Through Dec 2026
Assumption only · ends Sep 2054$298,279
Assumption + second · ends Sep 2054, second Jan 2057$360,869
New conventional · ends Jan 2057$387,665