Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,862/mo
Lowest payment- Down payment
- $88,705
- Funds due
- $107,200
- Interest + MI left
- $788,682
- First ends
- Oct 2054
Assumption
Assumption + second
$5,392/mo
+$530/mo- Down payment
- $36,705
- Funds due
- $56,551
- Interest + MI left
- $927,439
- First ends
- Oct 2054
New loan
New conventional
$5,392/mo
+$530/mo- Down payment
- $36,705
- Funds due
- $50,959
- Interest + MI left
- $1,008,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $635,295 | $635,295 | $687,295 |
| Second mortgage | — | $52,000 | — |
| First P&I | $4,263.40 | $4,263.40 | $4,655.98 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | — | — | $137.46 |
| Taxes, insurance & HOA | $598.25 | $598.25 | $598.25 |
| Total housing payment | $4,861.65 | $5,391.54 | $5,391.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,705
Closing costs & prepaids$19,846
Usable credit−$0
Total buyer cash needed$56,551
Earnest money paid−$0
Remaining funds due$56,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,176.47
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)$868.75
Initial HOA (3 months)$276.00
Prepaid interest, first (6 days)$715.36
Prepaid interest, second (6 days)$101.51
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$95,499Through Dec 2026
Assumption only · ends Oct 2054$788,682
Assumption + second · ends Oct 2054, second Jan 2057$927,439
New conventional · ends Jan 2057$1,008,650