Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,643/mo
Lowest payment- Down payment
- $303,949
- Funds due
- $321,723
- Interest + MI left
- $550,183
- First ends
- Apr 2054
Assumption
Assumption + second
$5,262/mo
+$1,619/mo- Down payment
- $77,949
- Funds due
- $97,261
- Interest + MI left
- $907,056
- First ends
- Apr 2054
New loan
New conventional
$5,391/mo
+$1,748/mo- Down payment
- $77,949
- Funds due
- $92,105
- Interest + MI left
- $1,019,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $471,051 | $471,051 | $697,051 |
| Second mortgage | — | $226,000 | — |
| First P&I | $3,113.52 | $3,113.52 | $4,722.07 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | — | — | $139.41 |
| Taxes, insurance & HOA | $529.17 | $529.17 | $529.17 |
| Total housing payment | $3,642.68 | $5,261.78 | $5,390.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,949
Closing costs & prepaids$19,312
Usable credit−$0
Total buyer cash needed$97,261
Earnest money paid−$0
Remaining funds due$97,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,355.25
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Initial HOA (3 months)$7.50
Prepaid interest, first (6 days)$513.38
Prepaid interest, second (6 days)$287.92
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 4 moOf the original 30-year loan at 6.63%
Interest already paid$84,683Through Dec 2026
Assumption only · ends Apr 2054$550,183
Assumption + second · ends Apr 2054, second Jan 2057$907,056
New conventional · ends Jan 2057$1,019,204