Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,679/mo
Lowest payment- Down payment
- $110,898
- Funds due
- $127,608
- Interest + MI left
- $754,245
- First ends
- Feb 2054
Assumption
Assumption + second
$5,025/mo
+$346/mo- Down payment
- $67,898
- Funds due
- $85,879
- Interest + MI left
- $835,800
- First ends
- Feb 2054
New loan
New conventional
$4,972/mo
+$293/mo- Down payment
- $67,898
- Funds due
- $80,331
- Interest + MI left
- $920,711
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $564,102 | $564,102 | $607,102 |
| Second mortgage | — | $43,000 | — |
| First P&I | $4,031.64 | $4,031.64 | $4,203.45 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $121.42 |
| Taxes, insurance & HOA | $647.09 | $647.09 | $647.09 |
| Total housing payment | $4,678.73 | $5,024.72 | $4,971.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,898
Closing costs & prepaids$17,981
Usable credit−$0
Total buyer cash needed$85,879
Earnest money paid−$0
Remaining funds due$85,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,820.51
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)$1,376.25
Initial HOA (3 months)$65.01
Prepaid interest, first (2 days)$229.97
Prepaid interest, second (2 days)$21.21
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 closing27 yr 3 moOf the original 30-year loan at 7.440%
Interest already paid$117,146Through Nov 2026
Assumption only · ends Feb 2054$754,245
Assumption + second · ends Feb 2054, second Dec 2056$835,800
New conventional · ends Dec 2056$920,711