Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,116/mo
Lowest payment- Down payment
- $133,038
- Funds due
- $146,658
- Interest + MI left
- $486,503
- First ends
- Apr 2054
Assumption
Assumption + second
$3,760/mo
+$644/mo- Down payment
- $53,038
- Funds due
- $67,928
- Interest + MI left
- $638,234
- First ends
- Apr 2054
New loan
New conventional
$3,829/mo
+$712/mo- Down payment
- $53,038
- Funds due
- $63,372
- Interest + MI left
- $723,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,961 | $396,961 | $476,961 |
| Second mortgage | — | $80,000 | — |
| First P&I | $2,685.30 | $2,685.30 | $3,302.38 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $95.39 |
| Taxes, insurance & HOA | $430.92 | $430.92 | $430.92 |
| Total housing payment | $3,116.22 | $3,759.92 | $3,828.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,038
Closing costs & prepaids$14,890
Usable credit−$0
Total buyer cash needed$67,928
Earnest money paid−$0
Remaining funds due$67,928
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,984.81
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)$423.75
Initial HOA (3 months)$369.00
Prepaid interest, first (1 days)$74.82
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 5 moOf the original 30-year loan at 6.880%
Interest already paid$71,647Through Nov 2026
Assumption only · ends Apr 2054$486,503
Assumption + second · ends Apr 2054, second Dec 2056$638,234
New conventional · ends Dec 2056$723,343