Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,692/mo
Lowest payment- Down payment
- $55,433
- Funds due
- $67,825
- Interest + MI left
- $366,907
- First ends
- Apr 2054
Assumption
Assumption + second
$3,059/mo
+$367/mo- Down payment
- $19,433
- Funds due
- $33,180
- Interest + MI left
- $462,969
- First ends
- Apr 2054
New loan
New conventional
$3,056/mo
+$363/mo- Down payment
- $19,433
- Funds due
- $29,375
- Interest + MI left
- $512,943
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,567 | $313,567 | $349,567 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,074.62 | $2,074.62 | $2,368.09 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $69.91 |
| Taxes, insurance & HOA | $617.58 | $617.58 | $617.58 |
| Total housing payment | $2,692.20 | $3,059.04 | $3,055.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,433
Closing costs & prepaids$13,747
Usable credit−$0
Total buyer cash needed$33,180
Earnest money paid−$0
Remaining funds due$33,180
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,567.84
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)$442.75
Initial HOA (3 months)$960.00
Prepaid interest, first (9 days)$513.39
Prepaid interest, second (9 days)$105.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.64%
Interest already paid$56,455Through Dec 2026
Assumption only · ends Apr 2054$366,907
Assumption + second · ends Apr 2054, second Jan 2057$462,969
New conventional · ends Jan 2057$512,943