Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,084/mo
Lowest payment- Down payment
- $157,349
- Funds due
- $171,355
- Interest + MI left
- $451,136
- First ends
- Mar 2054
Assumption
Assumption + second
$3,832/mo
+$748/mo- Down payment
- $55,349
- Funds due
- $70,627
- Interest + MI left
- $618,574
- First ends
- Mar 2054
New loan
New conventional
$4,015/mo
+$931/mo- Down payment
- $55,349
- Funds due
- $66,100
- Interest + MI left
- $742,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,651 | $387,651 | $489,651 |
| Second mortgage | — | $102,000 | — |
| First P&I | $2,557.28 | $2,557.28 | $3,390.24 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $97.93 |
| Taxes, insurance & HOA | $526.59 | $526.59 | $526.59 |
| Total housing payment | $3,083.86 | $3,832.30 | $4,014.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,349
Closing costs & prepaids$15,279
Usable credit−$0
Total buyer cash needed$70,627
Earnest money paid−$0
Remaining funds due$70,627
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,938.26
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)$984.75
Initial HOA (3 months)$95.01
Prepaid interest, first (1 days)$70.20
Prepaid interest, second (1 days)$22.36
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$69,484Through Nov 2026
Assumption only · ends Mar 2054$451,136
Assumption + second · ends Mar 2054, second Dec 2056$618,574
New conventional · ends Dec 2056$742,491