Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,719/mo
Lowest payment- Down payment
- $104,311
- Funds due
- $117,295
- Interest + MI left
- $428,385
- First ends
- Sep 2055
Assumption
Assumption + second
$3,194/mo
+$475/mo- Down payment
- $45,311
- Funds due
- $59,675
- Interest + MI left
- $540,287
- First ends
- Sep 2055
New loan
New conventional
$3,296/mo
+$577/mo- Down payment
- $45,311
- Funds due
- $55,474
- Interest + MI left
- $590,991
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,189 | $345,189 | $404,189 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,242.25 | $2,242.25 | $2,738.12 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $80.84 |
| Taxes, insurance & HOA | $476.83 | $476.83 | $476.83 |
| Total housing payment | $2,719.08 | $3,193.81 | $3,295.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,311
Closing costs & prepaids$14,365
Usable credit−$0
Total buyer cash needed$59,675
Earnest money paid−$0
Remaining funds due$59,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,725.95
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)$539.50
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$564.31
Prepaid interest, second (9 days)$130.93
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 closing28 yr 9 moOf the original 30-year loan at 6.63%
Interest already paid$28,823Through Dec 2026
Assumption only · ends Sep 2055$428,385
Assumption + second · ends Sep 2055, second Jan 2057$540,287
New conventional · ends Jan 2057$590,991