Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,497/mo
Lowest payment- Down payment
- $78,867
- Funds due
- $93,241
- Interest + MI left
- $555,374
- First ends
- Apr 2054
Assumption
Assumption + second
$3,698/mo
+$201/mo- Down payment
- $53,867
- Funds due
- $69,528
- Interest + MI left
- $602,790
- First ends
- Apr 2054
New loan
New conventional
$3,783/mo
+$285/mo- Down payment
- $53,867
- Funds due
- $64,668
- Interest + MI left
- $708,614
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,633 | $459,633 | $484,633 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,094.54 | $3,094.54 | $3,283.07 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $96.93 |
| Taxes, insurance & HOA | $402.50 | $402.50 | $402.50 |
| Total housing payment | $3,497.04 | $3,698.19 | $3,782.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,867
Closing costs & prepaids$15,661
Usable credit−$0
Total buyer cash needed$69,528
Earnest money paid−$0
Remaining funds due$69,528
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,385.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,298.17
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)$646.25
Initial HOA (3 months)$61.26
Prepaid interest, first (6 days)$515.29
Prepaid interest, second (6 days)$36.99
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 4 moOf the original 30-year loan at 6.82%
Interest already paid$84,950Through Dec 2026
Assumption only · ends Apr 2054$555,374
Assumption + second · ends Apr 2054, second Jan 2057$602,790
New conventional · ends Jan 2057$708,614