Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,974/mo
Lowest payment- Down payment
- $55,598
- Funds due
- $71,643
- Interest + MI left
- $619,265
- First ends
- Nov 2054
Assumption
Assumption + second
$4,229/mo
+$255/mo- Down payment
- $30,598
- Funds due
- $47,966
- Interest + MI left
- $685,975
- First ends
- Nov 2054
New loan
New conventional
$4,472/mo
+$498/mo- Down payment
- $30,598
- Funds due
- $42,977
- Interest + MI left
- $835,635
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $544,402 | $544,402 | $569,402 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,473.63 | $3,473.63 | $3,857.33 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $113.88 |
| Taxes, insurance & HOA | $500.67 | $500.67 | $500.67 |
| Total housing payment | $3,974.30 | $4,229.05 | $4,471.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,598
Closing costs & prepaids$17,368
Usable credit−$0
Total buyer cash needed$47,966
Earnest money paid−$0
Remaining funds due$47,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,722.01
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)$720.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$852.40
Prepaid interest, second (9 days)$73.20
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$72,993Through Dec 2026
Assumption only · ends Nov 2054$619,265
Assumption + second · ends Nov 2054, second Jan 2057$685,975
New conventional · ends Jan 2057$835,635