Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,762/mo
Lowest payment- Down payment
- $130,252
- Funds due
- $146,707
- Interest + MI left
- $563,865
- First ends
- Dec 2054
Assumption
Assumption + second
$4,285/mo
+$523/mo- Down payment
- $65,252
- Funds due
- $83,101
- Interest + MI left
- $687,147
- First ends
- Dec 2054
New loan
New conventional
$4,613/mo
+$851/mo- Down payment
- $65,252
- Funds due
- $77,919
- Interest + MI left
- $854,267
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,248 | $519,248 | $584,248 |
| Second mortgage | — | $65,000 | — |
| First P&I | $3,223.55 | $3,223.55 | $3,957.90 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $116.85 |
| Taxes, insurance & HOA | $538.50 | $538.50 | $538.50 |
| Total housing payment | $3,762.05 | $4,285.05 | $4,613.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,252
Closing costs & prepaids$17,849
Usable credit−$0
Total buyer cash needed$83,101
Earnest money paid−$0
Remaining funds due$83,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,596.24
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)$779.50
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$779.73
Prepaid interest, second (9 days)$144.25
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 closing28 yrOf the original 30-year loan at 6.09%
Interest already paid$64,102Through Dec 2026
Assumption only · ends Dec 2054$563,865
Assumption + second · ends Dec 2054, second Jan 2057$687,147
New conventional · ends Jan 2057$854,267