Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,699/mo
Lowest payment- Down payment
- $209,054
- Funds due
- $223,198
- Interest + MI left
- $387,742
- First ends
- Apr 2054
Assumption
Assumption + second
$3,829/mo
+$1,130/mo- Down payment
- $55,054
- Funds due
- $70,752
- Interest + MI left
- $640,541
- First ends
- Apr 2054
New loan
New conventional
$3,925/mo
+$1,226/mo- Down payment
- $55,054
- Funds due
- $66,484
- Interest + MI left
- $722,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,946 | $339,946 | $493,946 |
| Second mortgage | — | $154,000 | — |
| First P&I | $2,218.56 | $2,218.56 | $3,346.16 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $98.79 |
| Taxes, insurance & HOA | $480.25 | $480.25 | $480.25 |
| Total housing payment | $2,698.81 | $3,828.81 | $3,925.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,054
Closing costs & prepaids$15,697
Usable credit−$0
Total buyer cash needed$70,752
Earnest money paid−$0
Remaining funds due$70,752
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,699.73
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)$658.75
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$544.84
Prepaid interest, second (9 days)$303.78
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$59,939Through Dec 2026
Assumption only · ends Apr 2054$387,742
Assumption + second · ends Apr 2054, second Jan 2057$640,541
New conventional · ends Jan 2057$722,231