Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,372/mo
Lowest payment- Down payment
- $91,046
- Funds due
- $107,751
- Interest + MI left
- $687,355
- First ends
- Sep 2055
Assumption
Assumption + second
$4,590/mo
+$217/mo- Down payment
- $64,046
- Funds due
- $82,014
- Interest + MI left
- $738,564
- First ends
- Sep 2055
New loan
New conventional
$4,898/mo
+$526/mo- Down payment
- $64,046
- Funds due
- $76,610
- Interest + MI left
- $871,956
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $547,954 | $547,954 | $574,954 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,570.26 | $3,570.26 | $3,980.87 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $114.99 |
| Taxes, insurance & HOA | $802.17 | $802.17 | $802.17 |
| Total housing payment | $4,372.42 | $4,589.67 | $4,898.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,046
Closing costs & prepaids$17,968
Usable credit−$0
Total buyer cash needed$82,014
Earnest money paid−$0
Remaining funds due$82,014
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,739.77
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)$1,597.50
Initial HOA (3 months)$309.00
Prepaid interest, first (2 days)$200.27
Prepaid interest, second (2 days)$13.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yr 10 moOf the original 30-year loan at 6.670%
Interest already paid$42,937Through Nov 2026
Assumption only · ends Sep 2055$687,355
Assumption + second · ends Sep 2055, second Dec 2056$738,564
New conventional · ends Dec 2056$871,956