Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,656/mo
Lowest payment- Down payment
- $115,915
- Funds due
- $131,016
- Interest + MI left
- $480,267
- First ends
- May 2054
Assumption
Assumption + second
$4,179/mo
+$523/mo- Down payment
- $50,915
- Funds due
- $67,282
- Interest + MI left
- $603,549
- First ends
- May 2054
New loan
New conventional
$4,256/mo
+$600/mo- Down payment
- $50,915
- Funds due
- $62,786
- Interest + MI left
- $688,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,085 | $389,085 | $454,085 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,634.40 | $2,634.40 | $3,143.99 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $90.82 |
| Taxes, insurance & HOA | $1,021.17 | $1,021.17 | $1,021.17 |
| Total housing payment | $3,655.57 | $4,178.57 | $4,255.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,915
Closing costs & prepaids$16,367
Usable credit−$0
Total buyer cash needed$67,282
Earnest money paid−$0
Remaining funds due$67,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,945.42
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)$1,744.50
Initial HOA (3 months)$819.00
Prepaid interest, first (1 days)$73.55
Prepaid interest, second (1 days)$16.03
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 6 moOf the original 30-year loan at 6.900%
Interest already paid$68,117Through Nov 2026
Assumption only · ends May 2054$480,267
Assumption + second · ends May 2054, second Dec 2056$603,549
New conventional · ends Dec 2056$688,650