Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,182/mo
Lowest payment- Down payment
- $82,561
- Funds due
- $101,726
- Interest + MI left
- $859,624
- First ends
- Oct 2054
Assumption
Assumption + second
$5,620/mo
+$438/mo- Down payment
- $39,561
- Funds due
- $60,060
- Interest + MI left
- $974,365
- First ends
- Oct 2054
New loan
New conventional
$5,664/mo
+$482/mo- Down payment
- $39,561
- Funds due
- $54,163
- Interest + MI left
- $1,079,158
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $692,439 | $692,439 | $735,439 |
| Second mortgage | — | $43,000 | — |
| First P&I | $4,646.90 | $4,646.90 | $4,982.12 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | — | — | $147.09 |
| Taxes, insurance & HOA | $535.00 | $535.00 | $535.00 |
| Total housing payment | $5,181.89 | $5,620.06 | $5,664.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,561
Closing costs & prepaids$20,499
Usable credit−$0
Total buyer cash needed$60,060
Earnest money paid−$0
Remaining funds due$60,060
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,462.20
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$779.71
Prepaid interest, second (6 days)$83.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 6.85%
Interest already paid$104,089Through Dec 2026
Assumption only · ends Oct 2054$859,624
Assumption + second · ends Oct 2054, second Jan 2057$974,365
New conventional · ends Jan 2057$1,079,158