Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,706/mo
Lowest payment- Down payment
- $139,136
- Funds due
- $155,035
- Interest + MI left
- $536,766
- First ends
- Mar 2054
Assumption
Assumption + second
$4,349/mo
+$644/mo- Down payment
- $59,136
- Funds due
- $76,462
- Interest + MI left
- $688,498
- First ends
- Mar 2054
New loan
New conventional
$4,368/mo
+$663/mo- Down payment
- $59,136
- Funds due
- $71,603
- Interest + MI left
- $768,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,864 | $445,864 | $525,864 |
| Second mortgage | — | $80,000 | — |
| First P&I | $3,004.99 | $3,004.99 | $3,562.39 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $105.17 |
| Taxes, insurance & HOA | $700.67 | $700.67 | $700.67 |
| Total housing payment | $3,705.65 | $4,349.35 | $4,368.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,136
Closing costs & prepaids$17,327
Usable credit−$0
Total buyer cash needed$76,462
Earnest money paid−$0
Remaining funds due$76,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,229.32
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)$702.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$749.78
Prepaid interest, second (9 days)$177.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.82%
Interest already paid$85,029Through Dec 2026
Assumption only · ends Mar 2054$536,766
Assumption + second · ends Mar 2054, second Jan 2057$688,498
New conventional · ends Jan 2057$768,900