Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,457/mo
Lowest payment- Down payment
- $70,855
- Funds due
- $84,833
- Interest + MI left
- $533,700
- First ends
- Sep 2054
Assumption
Assumption + second
$3,916/mo
+$459/mo- Down payment
- $25,855
- Funds due
- $41,097
- Interest + MI left
- $653,779
- First ends
- Sep 2054
New loan
New conventional
$3,993/mo
+$536/mo- Down payment
- $25,855
- Funds due
- $36,603
- Interest + MI left
- $736,756
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,145 | $439,145 | $484,145 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,912.71 | $2,912.71 | $3,352.12 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $96.83 |
| Taxes, insurance & HOA | $544.33 | $544.33 | $544.33 |
| Total housing payment | $3,457.04 | $3,915.60 | $3,993.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,855
Closing costs & prepaids$15,242
Usable credit−$0
Total buyer cash needed$41,097
Earnest money paid−$0
Remaining funds due$41,097
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%)$2,195.73
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)$848.00
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$80.97
Prepaid interest, second (1 days)$14.64
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 10 moOf the original 30-year loan at 6.730%
Interest already paid$64,876Through Nov 2026
Assumption only · ends Sep 2054$533,700
Assumption + second · ends Sep 2054, second Dec 2056$653,779
New conventional · ends Dec 2056$736,756