Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,800/mo
Lowest payment- Down payment
- $56,564
- Funds due
- $72,061
- Interest + MI left
- $587,932
- First ends
- Nov 2054
Assumption
Assumption + second
$4,065/mo
+$265/mo- Down payment
- $30,564
- Funds due
- $47,362
- Interest + MI left
- $657,311
- First ends
- Nov 2054
New loan
New conventional
$4,394/mo
+$594/mo- Down payment
- $30,564
- Funds due
- $42,374
- Interest + MI left
- $835,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $543,336 | $543,336 | $569,336 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,376.92 | $3,376.92 | $3,856.88 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $113.87 |
| Taxes, insurance & HOA | $423.34 | $423.34 | $423.34 |
| Total housing payment | $3,800.26 | $4,065.20 | $4,394.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,564
Closing costs & prepaids$16,798
Usable credit−$0
Total buyer cash needed$47,362
Earnest money paid−$0
Remaining funds due$47,362
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,716.68
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)$50.01
Prepaid interest, first (6 days)$543.93
Prepaid interest, second (6 days)$50.75
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 6.09%
Interest already paid$69,913Through Dec 2026
Assumption only · ends Nov 2054$587,932
Assumption + second · ends Nov 2054, second Jan 2057$657,311
New conventional · ends Jan 2057$835,538