Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,126/mo
Lowest payment- Down payment
- $146,782
- Funds due
- $160,904
- Interest + MI left
- $483,657
- First ends
- Jun 2054
Assumption
Assumption + second
$3,874/mo
+$748/mo- Down payment
- $53,782
- Funds due
- $69,292
- Interest + MI left
- $660,045
- First ends
- Jun 2054
New loan
New conventional
$3,820/mo
+$694/mo- Down payment
- $53,782
- Funds due
- $64,777
- Interest + MI left
- $696,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,118 | $383,118 | $476,118 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,626.59 | $2,626.59 | $3,225.39 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $95.22 |
| Taxes, insurance & HOA | $499.00 | $499.00 | $499.00 |
| Total housing payment | $3,125.59 | $3,873.89 | $3,819.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,782
Closing costs & prepaids$15,510
Usable credit−$0
Total buyer cash needed$69,292
Earnest money paid−$0
Remaining funds due$69,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,915.59
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)$360.99
Prepaid interest, first (6 days)$442.74
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 6 moOf the original 30-year loan at 7.03%
Interest already paid$68,312Through Dec 2026
Assumption only · ends Jun 2054$483,657
Assumption + second · ends Jun 2054, second Jan 2057$660,045
New conventional · ends Jan 2057$696,068