Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,913/mo
Lowest payment- Down payment
- $150,575
- Funds due
- $166,332
- Interest + MI left
- $639,752
- First ends
- Sep 2054
Assumption
Assumption + second
$4,589/mo
+$676/mo- Down payment
- $66,575
- Funds due
- $83,623
- Interest + MI left
- $799,070
- First ends
- Sep 2054
New loan
New conventional
$4,721/mo
+$807/mo- Down payment
- $66,575
- Funds due
- $78,350
- Interest + MI left
- $907,552
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,425 | $514,425 | $598,425 |
| Second mortgage | — | $84,000 | — |
| First P&I | $3,455.62 | $3,455.62 | $4,143.37 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $119.69 |
| Taxes, insurance & HOA | $457.58 | $457.58 | $457.58 |
| Total housing payment | $3,913.20 | $4,589.08 | $4,720.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,575
Closing costs & prepaids$17,048
Usable credit−$0
Total buyer cash needed$83,623
Earnest money paid−$0
Remaining funds due$83,623
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,572.12
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)$742.75
Initial HOA (3 months)$129.99
Prepaid interest, first (2 days)$193.37
Prepaid interest, second (2 days)$41.42
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 10 moOf the original 30-year loan at 6.860%
Interest already paid$77,441Through Nov 2026
Assumption only · ends Sep 2054$639,752
Assumption + second · ends Sep 2054, second Dec 2056$799,070
New conventional · ends Dec 2056$907,552