Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,571/mo
Lowest payment- Down payment
- $63,968
- Funds due
- $78,276
- Interest + MI left
- $586,428
- First ends
- Jul 2054
Assumption
Assumption + second
$3,948/mo
+$377/mo- Down payment
- $26,968
- Funds due
- $42,598
- Interest + MI left
- $685,159
- First ends
- Jul 2054
New loan
New conventional
$3,900/mo
+$329/mo- Down payment
- $26,968
- Funds due
- $37,942
- Interest + MI left
- $738,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,031 | $466,031 | $503,031 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,179.63 | $3,179.63 | $3,407.71 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $100.61 |
| Taxes, insurance & HOA | $391.67 | $391.67 | $391.67 |
| Total housing payment | $3,571.30 | $3,948.33 | $3,899.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,968
Closing costs & prepaids$15,631
Usable credit−$0
Total buyer cash needed$42,598
Earnest money paid−$0
Remaining funds due$42,598
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,330.16
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)$636.00
Initial HOA (3 months)$39.00
Prepaid interest, first (6 days)$535.49
Prepaid interest, second (6 days)$72.23
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$79,835Through Dec 2026
Assumption only · ends Jul 2054$586,428
Assumption + second · ends Jul 2054, second Jan 2057$685,159
New conventional · ends Jan 2057$738,231