Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,960/mo
Lowest payment- Down payment
- $62,913
- Funds due
- $78,511
- Interest + MI left
- $604,687
- First ends
- Mar 2054
Assumption
Assumption + second
$4,296/mo
+$336/mo- Down payment
- $29,913
- Funds due
- $46,825
- Interest + MI left
- $692,744
- First ends
- Mar 2054
New loan
New conventional
$4,425/mo
+$465/mo- Down payment
- $29,913
- Funds due
- $41,857
- Interest + MI left
- $829,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $532,087 | $532,087 | $565,087 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,476.37 | $3,476.37 | $3,828.10 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $113.02 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $3,960.04 | $4,296.31 | $4,424.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,913
Closing costs & prepaids$16,912
Usable credit−$0
Total buyer cash needed$46,825
Earnest money paid−$0
Remaining funds due$46,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,660.44
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)$714.00
Initial HOA (3 months)$237.00
Prepaid interest, first (6 days)$568.53
Prepaid interest, second (6 days)$64.42
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$96,808Through Dec 2026
Assumption only · ends Mar 2054$604,687
Assumption + second · ends Mar 2054, second Jan 2057$692,744
New conventional · ends Jan 2057$829,302