Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,648/mo
Lowest payment- Down payment
- $52,788
- Funds due
- $66,940
- Interest + MI left
- $564,630
- First ends
- Jun 2054
Assumption
Assumption + second
$3,923/mo
+$275/mo- Down payment
- $25,788
- Funds due
- $41,199
- Interest + MI left
- $636,677
- First ends
- Jun 2054
New loan
New conventional
$4,031/mo
+$383/mo- Down payment
- $25,788
- Funds due
- $36,591
- Interest + MI left
- $744,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,212 | $462,212 | $489,212 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,102.24 | $3,102.24 | $3,387.21 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $97.84 |
| Taxes, insurance & HOA | $545.66 | $545.66 | $545.66 |
| Total housing payment | $3,647.91 | $3,923.04 | $4,030.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,788
Closing costs & prepaids$15,411
Usable credit−$0
Total buyer cash needed$41,199
Earnest money paid−$0
Remaining funds due$41,199
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,311.06
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)$767.00
Initial HOA (3 months)$369.99
Prepaid interest, first (1 days)$86.36
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$77,289Through Nov 2026
Assumption only · ends Jun 2054$564,630
Assumption + second · ends Jun 2054, second Dec 2056$636,677
New conventional · ends Dec 2056$744,565