Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,125/mo
Lowest payment- Down payment
- $49,737
- Funds due
- $62,421
- Interest + MI left
- $482,724
- First ends
- Jun 2054
Assumption
Assumption + second
$3,400/mo
+$275/mo- Down payment
- $22,737
- Funds due
- $36,680
- Interest + MI left
- $554,771
- First ends
- Jun 2054
New loan
New conventional
$3,480/mo
+$355/mo- Down payment
- $22,737
- Funds due
- $32,437
- Interest + MI left
- $642,434
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,163 | $395,163 | $422,163 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,652.23 | $2,652.23 | $2,922.97 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $84.43 |
| Taxes, insurance & HOA | $472.50 | $472.50 | $472.50 |
| Total housing payment | $3,124.73 | $3,399.86 | $3,479.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,737
Closing costs & prepaids$13,943
Usable credit−$0
Total buyer cash needed$36,680
Earnest money paid−$0
Remaining funds due$36,680
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,975.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$868.50
Initial HOA (3 months)$99.00
Prepaid interest, first (1 days)$73.84
Prepaid interest, second (1 days)$8.78
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$66,078Through Nov 2026
Assumption only · ends Jun 2054$482,724
Assumption + second · ends Jun 2054, second Dec 2056$554,771
New conventional · ends Dec 2056$642,434