Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,623/mo
Lowest payment- Down payment
- $208,679
- Funds due
- $222,114
- Interest + MI left
- $389,585
- First ends
- Apr 2054
Assumption
Assumption + second
$3,746/mo
+$1,123/mo- Down payment
- $55,679
- Funds due
- $70,398
- Interest + MI left
- $640,743
- First ends
- Apr 2054
New loan
New conventional
$3,919/mo
+$1,296/mo- Down payment
- $55,679
- Funds due
- $66,102
- Interest + MI left
- $748,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,321 | $340,321 | $493,321 |
| Second mortgage | — | $153,000 | — |
| First P&I | $2,218.56 | $2,218.56 | $3,415.65 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $98.66 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $2,623.48 | $3,746.14 | $3,919.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,679
Closing costs & prepaids$14,718
Usable credit−$0
Total buyer cash needed$70,398
Earnest money paid−$0
Remaining funds due$70,398
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,701.60
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)$432.75
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$60.61
Prepaid interest, second (1 days)$33.53
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 6.500%
Interest already paid$58,096Through Nov 2026
Assumption only · ends Apr 2054$389,585
Assumption + second · ends Apr 2054, second Dec 2056$640,743
New conventional · ends Dec 2056$748,056