Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,242/mo
Lowest payment- Down payment
- $117,637
- Funds due
- $134,643
- Interest + MI left
- $672,072
- First ends
- Oct 2054
Assumption
Assumption + second
$4,652/mo
+$410/mo- Down payment
- $66,637
- Funds due
- $85,006
- Interest + MI left
- $768,801
- First ends
- Oct 2054
New loan
New conventional
$4,740/mo
+$498/mo- Down payment
- $66,637
- Funds due
- $79,611
- Interest + MI left
- $866,133
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $541,363 | $541,363 | $592,363 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,633.04 | $3,633.04 | $4,012.87 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $118.47 |
| Taxes, insurance & HOA | $608.92 | $608.92 | $608.92 |
| Total housing payment | $4,241.96 | $4,652.32 | $4,740.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,637
Closing costs & prepaids$18,369
Usable credit−$0
Total buyer cash needed$85,006
Earnest money paid−$0
Remaining funds due$85,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,706.82
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)$790.75
Initial HOA (3 months)$536.01
Prepaid interest, first (9 days)$914.38
Prepaid interest, second (9 days)$113.18
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 10 moOf the original 30-year loan at 6.85%
Interest already paid$81,379Through Dec 2026
Assumption only · ends Oct 2054$672,072
Assumption + second · ends Oct 2054, second Jan 2057$768,801
New conventional · ends Jan 2057$866,133