Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,406/mo
Lowest payment- Down payment
- $69,300
- Funds due
- $83,428
- Interest + MI left
- $538,038
- First ends
- Apr 2054
Assumption
Assumption + second
$3,845/mo
+$438/mo- Down payment
- $26,300
- Funds due
- $41,762
- Interest + MI left
- $652,779
- First ends
- Apr 2054
New loan
New conventional
$3,855/mo
+$448/mo- Down payment
- $26,300
- Funds due
- $37,181
- Interest + MI left
- $731,875
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,700 | $455,700 | $498,700 |
| Second mortgage | — | $43,000 | — |
| First P&I | $3,029.69 | $3,029.69 | $3,378.37 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | — | — | $99.74 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $3,406.36 | $3,844.53 | $3,854.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,300
Closing costs & prepaids$15,462
Usable credit−$0
Total buyer cash needed$41,762
Earnest money paid−$0
Remaining funds due$41,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,278.50
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)$630.00
Prepaid interest, first (6 days)$501.15
Prepaid interest, second (6 days)$83.94
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 6.69%
Interest already paid$82,650Through Dec 2026
Assumption only · ends Apr 2054$538,038
Assumption + second · ends Apr 2054, second Jan 2057$652,779
New conventional · ends Jan 2057$731,875