Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,078/mo
Lowest payment- Down payment
- $127,176
- Funds due
- $141,064
- Interest + MI left
- $470,891
- First ends
- Jun 2054
Assumption
Assumption + second
$3,690/mo
+$612/mo- Down payment
- $51,176
- Funds due
- $66,427
- Interest + MI left
- $615,035
- First ends
- Jun 2054
New loan
New conventional
$3,691/mo
+$613/mo- Down payment
- $51,176
- Funds due
- $61,954
- Interest + MI left
- $670,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,824 | $382,824 | $458,824 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,587.01 | $2,587.01 | $3,108.23 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $91.76 |
| Taxes, insurance & HOA | $491.00 | $491.00 | $491.00 |
| Total housing payment | $3,078.01 | $3,689.52 | $3,691.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,176
Closing costs & prepaids$15,251
Usable credit−$0
Total buyer cash needed$66,427
Earnest money paid−$0
Remaining funds due$66,427
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,914.12
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)$612.00
Initial HOA (3 months)$360.99
Prepaid interest, first (6 days)$432.96
Prepaid interest, second (6 days)$112.44
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 6.88%
Interest already paid$66,830Through Dec 2026
Assumption only · ends Jun 2054$470,891
Assumption + second · ends Jun 2054, second Jan 2057$615,035
New conventional · ends Jan 2057$670,877