Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $137,589
- Funds due
- $148,385
- Interest + MI left
- $253,694
- First ends
- May 2055
Assumption
Assumption + second
$2,509/mo
+$756/mo- Down payment
- $34,589
- Funds due
- $46,838
- Interest + MI left
- $422,774
- First ends
- May 2055
New loan
New conventional
$2,565/mo
+$812/mo- Down payment
- $34,589
- Funds due
- $43,419
- Interest + MI left
- $453,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,311 | $207,311 | $310,311 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,351.92 | $1,351.92 | $2,102.15 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $62.06 |
| Taxes, insurance & HOA | $401.00 | $401.00 | $401.00 |
| Total housing payment | $1,752.92 | $2,508.70 | $2,565.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,589
Closing costs & prepaids$12,249
Usable credit−$0
Total buyer cash needed$46,838
Earnest money paid−$0
Remaining funds due$46,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,036.55
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)$414.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$338.91
Prepaid interest, second (9 days)$203.18
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 5 moOf the original 30-year loan at 6.63%
Interest already paid$21,971Through Dec 2026
Assumption only · ends May 2055$253,694
Assumption + second · ends May 2055, second Jan 2057$422,774
New conventional · ends Jan 2057$453,726