Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $159,620
- Funds due
- $172,008
- Interest + MI left
- $335,844
- First ends
- Nov 2055
Assumption
Assumption + second
$3,208/mo
+$851/mo- Down payment
- $43,620
- Funds due
- $57,309
- Interest + MI left
- $526,265
- First ends
- Nov 2055
New loan
New conventional
$3,384/mo
+$1,027/mo- Down payment
- $43,620
- Funds due
- $53,467
- Interest + MI left
- $591,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,280 | $274,280 | $390,280 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,753.23 | $1,753.23 | $2,702.22 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $78.06 |
| Taxes, insurance & HOA | $603.75 | $603.75 | $603.75 |
| Total housing payment | $2,356.98 | $3,208.15 | $3,384.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,620
Closing costs & prepaids$13,688
Usable credit−$0
Total buyer cash needed$57,309
Earnest money paid−$0
Remaining funds due$57,309
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,339.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.40
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)$651.25
Initial HOA (3 months)$710.01
Prepaid interest, first (2 days)$97.69
Prepaid interest, second (2 days)$50.85
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$17,938Through Nov 2026
Assumption only · ends Nov 2055$335,844
Assumption + second · ends Nov 2055, second Dec 2056$526,265
New conventional · ends Dec 2056$591,886