Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,071/mo
Lowest payment- Down payment
- $164,623
- Funds due
- $178,425
- Interest + MI left
- $504,602
- First ends
- Aug 2054
Assumption
Assumption + second
$3,863/mo
+$792/mo- Down payment
- $56,623
- Funds due
- $71,722
- Interest + MI left
- $681,890
- First ends
- Aug 2054
New loan
New conventional
$3,954/mo
+$883/mo- Down payment
- $56,623
- Funds due
- $67,140
- Interest + MI left
- $763,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,377 | $395,377 | $503,377 |
| Second mortgage | — | $108,000 | — |
| First P&I | $2,702.64 | $2,702.64 | $3,485.28 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $100.68 |
| Taxes, insurance & HOA | $368.00 | $368.00 | $368.00 |
| Total housing payment | $3,070.64 | $3,863.11 | $3,953.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,623
Closing costs & prepaids$15,099
Usable credit−$0
Total buyer cash needed$71,722
Earnest money paid−$0
Remaining funds due$71,722
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,976.88
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)$484.00
Initial HOA (3 months)$120.00
Prepaid interest, first (2 days)$152.30
Prepaid interest, second (2 days)$47.34
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 7.030%
Interest already paid$63,348Through Nov 2026
Assumption only · ends Aug 2054$504,602
Assumption + second · ends Aug 2054, second Dec 2056$681,890
New conventional · ends Dec 2056$763,304