Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,533/mo
Lowest payment- Down payment
- $91,216
- Funds due
- $105,817
- Interest + MI left
- $570,875
- First ends
- Sep 2054
Assumption
Assumption + second
$3,823/mo
+$290/mo- Down payment
- $55,216
- Funds due
- $71,120
- Interest + MI left
- $639,154
- First ends
- Sep 2054
New loan
New conventional
$3,890/mo
+$357/mo- Down payment
- $55,216
- Funds due
- $66,245
- Interest + MI left
- $722,725
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $458,284 | $458,284 | $494,284 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,090.57 | $3,090.57 | $3,348.45 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $98.86 |
| Taxes, insurance & HOA | $442.50 | $442.50 | $442.50 |
| Total housing payment | $3,533.07 | $3,822.73 | $3,889.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,216
Closing costs & prepaids$15,904
Usable credit−$0
Total buyer cash needed$71,120
Earnest money paid−$0
Remaining funds due$71,120
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,291.42
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)$659.50
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$519.05
Prepaid interest, second (6 days)$53.26
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 9 moOf the original 30-year loan at 6.89%
Interest already paid$71,989Through Dec 2026
Assumption only · ends Sep 2054$570,875
Assumption + second · ends Sep 2054, second Jan 2057$639,154
New conventional · ends Jan 2057$722,725