Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,523/mo
Lowest payment- Down payment
- $189,240
- Funds due
- $205,938
- Interest + MI left
- $499,240
- First ends
- Sep 2054
Assumption
Assumption + second
$4,396/mo
+$873/mo- Down payment
- $70,240
- Funds due
- $88,423
- Interest + MI left
- $694,585
- First ends
- Sep 2054
New loan
New conventional
$4,881/mo
+$1,359/mo- Down payment
- $70,240
- Funds due
- $83,296
- Interest + MI left
- $920,666
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $510,659 | $510,659 | $629,659 |
| Second mortgage | — | $119,000 | — |
| First P&I | $3,032.73 | $3,032.73 | $4,265.53 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $125.93 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $3,522.73 | $4,395.91 | $4,881.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,240
Closing costs & prepaids$18,183
Usable credit−$0
Total buyer cash needed$88,423
Earnest money paid−$0
Remaining funds due$88,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,998.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,553.30
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)$840.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$708.28
Prepaid interest, second (9 days)$234.74
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 9 moOf the original 30-year loan at 5.625%
Interest already paid$65,713Through Dec 2026
Assumption only · ends Sep 2054$499,240
Assumption + second · ends Sep 2054, second Jan 2057$694,585
New conventional · ends Jan 2057$920,666