Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,566/mo
Lowest payment- Down payment
- $155,984
- Funds due
- $171,331
- Interest + MI left
- $582,257
- First ends
- Oct 2054
Assumption
Assumption + second
$4,315/mo
+$748/mo- Down payment
- $62,984
- Funds due
- $79,719
- Interest + MI left
- $758,645
- First ends
- Oct 2054
New loan
New conventional
$4,338/mo
+$772/mo- Down payment
- $62,984
- Funds due
- $74,699
- Interest + MI left
- $821,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,016 | $469,016 | $562,016 |
| Second mortgage | — | $93,000 | — |
| First P&I | $3,147.52 | $3,147.52 | $3,807.29 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $112.40 |
| Taxes, insurance & HOA | $418.75 | $418.75 | $418.75 |
| Total housing payment | $3,566.27 | $4,314.57 | $4,338.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,984
Closing costs & prepaids$16,735
Usable credit−$0
Total buyer cash needed$79,719
Earnest money paid−$0
Remaining funds due$79,719
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,345.08
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$6.24
Prepaid interest, first (6 days)$528.13
Prepaid interest, second (6 days)$137.59
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$70,504Through Dec 2026
Assumption only · ends Oct 2054$582,257
Assumption + second · ends Oct 2054, second Jan 2057$758,645
New conventional · ends Jan 2057$821,760