Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,276/mo
Lowest payment- Down payment
- $61,485
- Funds due
- $75,437
- Interest + MI left
- $508,310
- First ends
- Oct 2054
Assumption
Assumption + second
$3,643/mo
+$367/mo- Down payment
- $25,485
- Funds due
- $40,757
- Interest + MI left
- $604,372
- First ends
- Oct 2054
New loan
New conventional
$3,751/mo
+$475/mo- Down payment
- $25,485
- Funds due
- $36,290
- Interest + MI left
- $696,382
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,515 | $438,515 | $474,515 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,834.80 | $2,834.80 | $3,214.53 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $94.90 |
| Taxes, insurance & HOA | $441.67 | $441.67 | $441.67 |
| Total housing payment | $3,276.47 | $3,643.31 | $3,751.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,485
Closing costs & prepaids$15,272
Usable credit−$0
Total buyer cash needed$40,757
Earnest money paid−$0
Remaining funds due$40,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,192.57
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)$600.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$466.39
Prepaid interest, second (6 days)$70.27
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 10 moOf the original 30-year loan at 6.47%
Interest already paid$62,320Through Dec 2026
Assumption only · ends Oct 2054$508,310
Assumption + second · ends Oct 2054, second Jan 2057$604,372
New conventional · ends Jan 2057$696,382