Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,380/mo
Lowest payment- Down payment
- $58,758
- Funds due
- $72,460
- Interest + MI left
- $543,456
- First ends
- Sep 2054
Assumption
Assumption + second
$3,706/mo
+$326/mo- Down payment
- $26,758
- Funds due
- $41,720
- Interest + MI left
- $628,845
- First ends
- Sep 2054
New loan
New conventional
$3,906/mo
+$526/mo- Down payment
- $26,758
- Funds due
- $37,086
- Interest + MI left
- $758,208
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,242 | $466,242 | $498,242 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,023.05 | $3,023.05 | $3,449.73 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $99.65 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,379.72 | $3,705.80 | $3,906.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,758
Closing costs & prepaids$14,963
Usable credit−$0
Total buyer cash needed$41,720
Earnest money paid−$0
Remaining funds due$41,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,331.21
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)$405.00
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$83.03
Prepaid interest, second (1 days)$10.41
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 6.500%
Interest already paid$66,562Through Nov 2026
Assumption only · ends Sep 2054$543,456
Assumption + second · ends Sep 2054, second Dec 2056$628,845
New conventional · ends Dec 2056$758,208