Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,947/mo
Lowest payment- Down payment
- $143,051
- Funds due
- $158,132
- Interest + MI left
- $638,060
- First ends
- Dec 2053
Assumption
Assumption + second
$4,615/mo
+$668/mo- Down payment
- $60,051
- Funds due
- $76,403
- Interest + MI left
- $795,481
- First ends
- Dec 2053
New loan
New conventional
$4,424/mo
+$477/mo- Down payment
- $60,051
- Funds due
- $71,467
- Interest + MI left
- $818,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,849 | $456,849 | $539,849 |
| Second mortgage | — | $83,000 | — |
| First P&I | $3,368.95 | $3,368.95 | $3,737.81 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $107.97 |
| Taxes, insurance & HOA | $577.83 | $577.83 | $577.83 |
| Total housing payment | $3,946.79 | $4,614.62 | $4,423.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,051
Closing costs & prepaids$16,352
Usable credit−$0
Total buyer cash needed$76,403
Earnest money paid−$0
Remaining funds due$76,403
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,284.25
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)$855.50
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$97.13
Prepaid interest, second (1 days)$20.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 7.760%
Interest already paid$104,963Through Nov 2026
Assumption only · ends Dec 2053$638,060
Assumption + second · ends Dec 2053, second Dec 2056$795,481
New conventional · ends Dec 2056$818,717