Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,374/mo
Lowest payment- Down payment
- $61,205
- Funds due
- $75,478
- Interest + MI left
- $531,238
- First ends
- Sep 2054
Assumption
Assumption + second
$3,741/mo
+$367/mo- Down payment
- $25,205
- Funds due
- $40,834
- Interest + MI left
- $627,300
- First ends
- Sep 2054
New loan
New conventional
$3,772/mo
+$398/mo- Down payment
- $25,205
- Funds due
- $36,352
- Interest + MI left
- $696,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,695 | $438,695 | $474,695 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,912.71 | $2,912.71 | $3,215.75 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $94.94 |
| Taxes, insurance & HOA | $461.67 | $461.67 | $461.67 |
| Total housing payment | $3,374.38 | $3,741.22 | $3,772.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,205
Closing costs & prepaids$15,629
Usable credit−$0
Total buyer cash needed$40,834
Earnest money paid−$0
Remaining funds due$40,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,193.48
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)$600.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$727.99
Prepaid interest, second (9 days)$105.41
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 6.73%
Interest already paid$67,339Through Dec 2026
Assumption only · ends Sep 2054$531,238
Assumption + second · ends Sep 2054, second Jan 2057$627,300
New conventional · ends Jan 2057$696,646