Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,013/mo
Lowest payment- Down payment
- $50,143
- Funds due
- $62,860
- Interest + MI left
- $480,478
- First ends
- Jun 2054
Assumption
Assumption + second
$3,288/mo
+$275/mo- Down payment
- $23,143
- Funds due
- $37,162
- Interest + MI left
- $552,525
- First ends
- Jun 2054
New loan
New conventional
$3,302/mo
+$289/mo- Down payment
- $23,143
- Funds due
- $32,916
- Interest + MI left
- $618,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,757 | $394,757 | $421,757 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,652.23 | $2,652.23 | $2,857.13 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $84.35 |
| Taxes, insurance & HOA | $361.00 | $361.00 | $361.00 |
| Total housing payment | $3,013.23 | $3,288.36 | $3,302.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,143
Closing costs & prepaids$14,019
Usable credit−$0
Total buyer cash needed$37,162
Earnest money paid−$0
Remaining funds due$37,162
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,973.78
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$442.56
Prepaid interest, second (6 days)$52.71
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$68,324Through Dec 2026
Assumption only · ends Jun 2054$480,478
Assumption + second · ends Jun 2054, second Jan 2057$552,525
New conventional · ends Jan 2057$618,872