Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
Lowest payment- Down payment
- $110,487
- Funds due
- $123,969
- Interest + MI left
- $422,924
- First ends
- Aug 2054
Assumption
Assumption + second
$3,609/mo
+$523/mo- Down payment
- $45,487
- Funds due
- $60,251
- Interest + MI left
- $546,206
- First ends
- Aug 2054
New loan
New conventional
$3,678/mo
+$592/mo- Down payment
- $45,487
- Funds due
- $56,059
- Interest + MI left
- $613,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,513 | $339,513 | $404,513 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,289.60 | $2,289.60 | $2,800.77 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $80.90 |
| Taxes, insurance & HOA | $796.00 | $796.00 | $796.00 |
| Total housing payment | $3,085.60 | $3,608.61 | $3,677.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,487
Closing costs & prepaids$14,764
Usable credit−$0
Total buyer cash needed$60,251
Earnest money paid−$0
Remaining funds due$60,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,697.56
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)$1,125.00
Initial HOA (3 months)$813.00
Prepaid interest, first (2 days)$128.18
Prepaid interest, second (2 days)$32.05
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 9 moOf the original 30-year loan at 6.890%
Interest already paid$53,332Through Nov 2026
Assumption only · ends Aug 2054$422,924
Assumption + second · ends Aug 2054, second Dec 2056$546,206
New conventional · ends Dec 2056$613,390