Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,475/mo
Lowest payment- Down payment
- $135,609
- Funds due
- $150,795
- Interest + MI left
- $543,240
- First ends
- Nov 2054
Assumption
Assumption + second
$4,078/mo
+$603/mo- Down payment
- $60,609
- Funds due
- $77,156
- Interest + MI left
- $685,488
- First ends
- Nov 2054
New loan
New conventional
$4,229/mo
+$754/mo- Down payment
- $60,609
- Funds due
- $72,215
- Interest + MI left
- $788,679
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,391 | $464,391 | $539,391 |
| Second mortgage | — | $75,000 | — |
| First P&I | $3,007.85 | $3,007.85 | $3,654.02 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $107.88 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $3,474.52 | $4,077.99 | $4,228.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,609
Closing costs & prepaids$16,547
Usable credit−$0
Total buyer cash needed$77,156
Earnest money paid−$0
Remaining funds due$77,156
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,321.96
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)$720.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$496.20
Prepaid interest, second (6 days)$110.96
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$63,712Through Dec 2026
Assumption only · ends Nov 2054$543,240
Assumption + second · ends Nov 2054, second Jan 2057$685,488
New conventional · ends Jan 2057$788,679