Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,610/mo
Lowest payment- Down payment
- $119,145
- Funds due
- $134,644
- Interest + MI left
- $546,979
- First ends
- Nov 2054
Assumption
Assumption + second
$4,085/mo
+$475/mo- Down payment
- $60,145
- Funds due
- $76,981
- Interest + MI left
- $658,881
- First ends
- Nov 2054
New loan
New conventional
$4,307/mo
+$697/mo- Down payment
- $60,145
- Funds due
- $71,981
- Interest + MI left
- $789,357
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $480,855 | $480,855 | $539,855 |
| Second mortgage | — | $59,000 | — |
| First P&I | $3,068.16 | $3,068.16 | $3,657.17 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $107.97 |
| Taxes, insurance & HOA | $541.67 | $541.67 | $541.67 |
| Total housing payment | $3,609.83 | $4,084.56 | $4,306.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,145
Closing costs & prepaids$16,836
Usable credit−$0
Total buyer cash needed$76,981
Earnest money paid−$0
Remaining funds due$76,981
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%)$2,404.28
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)$405.00
Prepaid interest, first (6 days)$501.93
Prepaid interest, second (6 days)$87.29
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 6.35%
Interest already paid$64,472Through Dec 2026
Assumption only · ends Nov 2054$546,979
Assumption + second · ends Nov 2054, second Jan 2057$658,881
New conventional · ends Jan 2057$789,357