Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $42,101
- Funds due
- $54,299
- Interest + MI left
- $393,992
- First ends
- Feb 2054
Assumption
Assumption + second
$3,134/mo
+$255/mo- Down payment
- $17,101
- Funds due
- $30,590
- Interest + MI left
- $460,702
- First ends
- Feb 2054
New loan
New conventional
$2,989/mo
+$110/mo- Down payment
- $17,101
- Funds due
- $26,883
- Interest + MI left
- $466,474
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,899 | $292,899 | $317,899 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,107.03 | $2,107.03 | $2,153.56 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $63.58 |
| Taxes, insurance & HOA | $771.75 | $771.75 | $771.75 |
| Total housing payment | $2,878.78 | $3,133.53 | $2,988.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,101
Closing costs & prepaids$13,489
Usable credit−$0
Total buyer cash needed$30,590
Earnest money paid−$0
Remaining funds due$30,590
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,464.50
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)$854.25
Initial HOA (3 months)$1,011.00
Prepaid interest, first (5 days)$300.92
Prepaid interest, second (5 days)$40.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2 moOf the original 30-year loan at 7.5%
Interest already paid$63,196Through Dec 2026
Assumption only · ends Feb 2054$393,992
Assumption + second · ends Feb 2054, second Jan 2057$460,702
New conventional · ends Jan 2057$466,474