Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,198/mo
Lowest payment- Down payment
- $139,806
- Funds due
- $154,417
- Interest + MI left
- $418,410
- First ends
- Mar 2054
Assumption
Assumption + second
$3,914/mo
+$716/mo- Down payment
- $50,806
- Funds due
- $66,798
- Interest + MI left
- $587,211
- First ends
- Mar 2054
New loan
New conventional
$3,950/mo
+$752/mo- Down payment
- $50,806
- Funds due
- $62,453
- Interest + MI left
- $656,706
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,194 | $360,194 | $449,194 |
| Second mortgage | — | $89,000 | — |
| First P&I | $2,381.05 | $2,381.05 | $3,043.00 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $89.84 |
| Taxes, insurance & HOA | $816.67 | $816.67 | $816.67 |
| Total housing payment | $3,197.72 | $3,913.83 | $3,949.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,806
Closing costs & prepaids$15,993
Usable credit−$0
Total buyer cash needed$66,798
Earnest money paid−$0
Remaining funds due$66,798
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%)$1,800.97
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)$1,350.00
Prepaid interest, first (6 days)$391.97
Prepaid interest, second (6 days)$131.67
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 6.62%
Interest already paid$66,718Through Dec 2026
Assumption only · ends Mar 2054$418,410
Assumption + second · ends Mar 2054, second Jan 2057$587,211
New conventional · ends Jan 2057$656,706