Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,293/mo
Lowest payment- Down payment
- $80,588
- Funds due
- $94,796
- Interest + MI left
- $523,623
- First ends
- Jan 2055
Assumption
Assumption + second
$3,510/mo
+$217/mo- Down payment
- $53,588
- Funds due
- $69,086
- Interest + MI left
- $574,832
- First ends
- Jan 2055
New loan
New conventional
$3,728/mo
+$435/mo- Down payment
- $53,588
- Funds due
- $64,307
- Interest + MI left
- $696,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,412 | $449,412 | $476,412 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,887.34 | $2,887.34 | $3,227.38 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $95.28 |
| Taxes, insurance & HOA | $405.75 | $405.75 | $405.75 |
| Total housing payment | $3,293.09 | $3,510.34 | $3,728.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,588
Closing costs & prepaids$15,498
Usable credit−$0
Total buyer cash needed$69,086
Earnest money paid−$0
Remaining funds due$69,086
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,247.06
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)$636.00
Initial HOA (3 months)$81.24
Prepaid interest, first (6 days)$475.76
Prepaid interest, second (6 days)$39.95
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 closing28 yr 1 moOf the original 30-year loan at 6.44%
Interest already paid$56,146Through Dec 2026
Assumption only · ends Jan 2055$523,623
Assumption + second · ends Jan 2055, second Jan 2057$574,832
New conventional · ends Jan 2057$696,593