Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,121/mo
Lowest payment- Down payment
- $84,786
- Funds due
- $98,195
- Interest + MI left
- $447,019
- First ends
- Mar 2054
Assumption
Assumption + second
$3,419/mo
+$298/mo- Down payment
- $47,786
- Funds due
- $62,455
- Interest + MI left
- $517,195
- First ends
- Mar 2054
New loan
New conventional
$3,587/mo
+$466/mo- Down payment
- $47,786
- Funds due
- $58,020
- Interest + MI left
- $638,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,114 | $384,114 | $421,114 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,533.94 | $2,533.94 | $2,915.71 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $84.22 |
| Taxes, insurance & HOA | $587.42 | $587.42 | $587.42 |
| Total housing payment | $3,121.36 | $3,419.07 | $3,587.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,786
Closing costs & prepaids$14,669
Usable credit−$0
Total buyer cash needed$62,455
Earnest money paid−$0
Remaining funds due$62,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,689.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,920.57
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)$1,172.25
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$69.56
Prepaid interest, second (1 days)$9.12
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 4 moOf the original 30-year loan at 6.610%
Interest already paid$68,850Through Nov 2026
Assumption only · ends Mar 2054$447,019
Assumption + second · ends Mar 2054, second Dec 2056$517,195
New conventional · ends Dec 2056$638,563