Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,627/mo
Lowest payment- Down payment
- $71,624
- Funds due
- $85,393
- Interest + MI left
- $599,511
- First ends
- Feb 2054
Assumption
Assumption + second
$4,086/mo
+$459/mo- Down payment
- $26,624
- Funds due
- $41,658
- Interest + MI left
- $719,590
- First ends
- Feb 2054
New loan
New conventional
$3,937/mo
+$310/mo- Down payment
- $26,624
- Funds due
- $37,101
- Interest + MI left
- $750,803
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,376 | $448,376 | $493,376 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,204.55 | $3,204.55 | $3,416.04 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $98.68 |
| Taxes, insurance & HOA | $422.75 | $422.75 | $422.75 |
| Total housing payment | $3,627.30 | $4,085.85 | $3,937.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,624
Closing costs & prepaids$15,034
Usable credit−$0
Total buyer cash needed$41,658
Earnest money paid−$0
Remaining funds due$41,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,241.88
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)$508.25
Initial HOA (3 months)$260.01
Prepaid interest, first (1 days)$91.40
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$93,114Through Nov 2026
Assumption only · ends Feb 2054$599,511
Assumption + second · ends Feb 2054, second Dec 2056$719,590
New conventional · ends Dec 2056$750,803