Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,640/mo
Lowest payment- Down payment
- $138,667
- Funds due
- $153,705
- Interest + MI left
- $539,303
- First ends
- Mar 2054
Assumption
Assumption + second
$4,283/mo
+$644/mo- Down payment
- $58,667
- Funds due
- $74,974
- Interest + MI left
- $691,034
- First ends
- Mar 2054
New loan
New conventional
$4,384/mo
+$745/mo- Down payment
- $58,667
- Funds due
- $70,116
- Interest + MI left
- $798,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,333 | $446,333 | $526,333 |
| Second mortgage | — | $80,000 | — |
| First P&I | $3,004.99 | $3,004.99 | $3,644.22 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $105.27 |
| Taxes, insurance & HOA | $634.75 | $634.75 | $634.75 |
| Total housing payment | $3,639.74 | $4,283.43 | $4,384.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,667
Closing costs & prepaids$16,307
Usable credit−$0
Total buyer cash needed$74,974
Earnest money paid−$0
Remaining funds due$74,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,231.66
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)$504.25
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$83.40
Prepaid interest, second (1 days)$19.73
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$82,492Through Nov 2026
Assumption only · ends Mar 2054$539,303
Assumption + second · ends Mar 2054, second Dec 2056$691,034
New conventional · ends Dec 2056$798,219