Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,574/mo
Lowest payment- Down payment
- $68,526
- Funds due
- $80,319
- Interest + MI left
- $400,092
- First ends
- Nov 2054
Assumption
Assumption + second
$2,784/mo
+$209/mo- Down payment
- $42,526
- Funds due
- $55,576
- Interest + MI left
- $449,405
- First ends
- Nov 2054
New loan
New conventional
$3,023/mo
+$448/mo- Down payment
- $42,526
- Funds due
- $51,364
- Interest + MI left
- $570,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,474 | $350,474 | $376,474 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,233.83 | $2,233.83 | $2,606.63 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $75.29 |
| Taxes, insurance & HOA | $340.58 | $340.58 | $340.58 |
| Total housing payment | $2,574.41 | $2,783.61 | $3,022.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,526
Closing costs & prepaids$13,050
Usable credit−$0
Total buyer cash needed$55,576
Earnest money paid−$0
Remaining funds due$55,576
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.37
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)$427.75
Initial HOA (3 months)$144.00
Prepaid interest, first (1 days)$60.97
Prepaid interest, second (1 days)$6.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 6.350%
Interest already paid$45,086Through Nov 2026
Assumption only · ends Nov 2054$400,092
Assumption + second · ends Nov 2054, second Dec 2056$449,405
New conventional · ends Dec 2056$570,873