Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $137,384
- Funds due
- $147,894
- Interest + MI left
- $254,841
- First ends
- May 2055
Assumption
Assumption + second
$2,494/mo
+$748/mo- Down payment
- $35,384
- Funds due
- $47,189
- Interest + MI left
- $422,279
- First ends
- May 2055
New loan
New conventional
$2,598/mo
+$853/mo- Down payment
- $35,384
- Funds due
- $43,760
- Interest + MI left
- $469,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,516 | $207,516 | $309,516 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,351.92 | $1,351.92 | $2,143.03 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $61.90 |
| Taxes, insurance & HOA | $393.33 | $393.33 | $393.33 |
| Total housing payment | $1,745.25 | $2,493.69 | $2,598.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,384
Closing costs & prepaids$11,805
Usable credit−$0
Total buyer cash needed$47,189
Earnest money paid−$0
Remaining funds due$47,189
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%)$1,037.58
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)$391.00
Initial HOA (3 months)$339.00
Prepaid interest, first (2 days)$75.39
Prepaid interest, second (2 days)$44.71
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 closing28 yr 6 moOf the original 30-year loan at 6.630%
Interest already paid$20,825Through Nov 2026
Assumption only · ends May 2055$254,841
Assumption + second · ends May 2055, second Dec 2056$422,279
New conventional · ends Dec 2056$469,278