Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,045/mo
Lowest payment- Down payment
- $60,465
- Funds due
- $75,646
- Interest + MI left
- $635,792
- First ends
- Apr 2054
Assumption
Assumption + second
$4,351/mo
+$306/mo- Down payment
- $30,465
- Funds due
- $46,906
- Interest + MI left
- $715,844
- First ends
- Apr 2054
New loan
New conventional
$4,529/mo
+$484/mo- Down payment
- $30,465
- Funds due
- $41,869
- Interest + MI left
- $866,548
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $539,435 | $539,435 | $569,435 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,572.12 | $3,572.12 | $3,942.65 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $113.89 |
| Taxes, insurance & HOA | $472.92 | $472.92 | $472.92 |
| Total housing payment | $4,045.04 | $4,350.74 | $4,529.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,465
Closing costs & prepaids$16,441
Usable credit−$0
Total buyer cash needed$46,906
Earnest money paid−$0
Remaining funds due$46,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,697.18
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)$573.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$98.43
Prepaid interest, second (1 days)$9.76
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 6.660%
Interest already paid$94,309Through Nov 2026
Assumption only · ends Apr 2054$635,792
Assumption + second · ends Apr 2054, second Dec 2056$715,844
New conventional · ends Dec 2056$866,548