Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,598/mo
Lowest payment- Down payment
- $53,263
- Funds due
- $67,954
- Interest + MI left
- $562,003
- First ends
- Jun 2054
Assumption
Assumption + second
$3,873/mo
+$275/mo- Down payment
- $26,263
- Funds due
- $42,283
- Interest + MI left
- $634,050
- First ends
- Jun 2054
New loan
New conventional
$3,905/mo
+$306/mo- Down payment
- $26,263
- Funds due
- $37,679
- Interest + MI left
- $717,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,737 | $461,737 | $488,737 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,102.24 | $3,102.24 | $3,310.87 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $97.75 |
| Taxes, insurance & HOA | $496.00 | $496.00 | $496.00 |
| Total housing payment | $3,598.24 | $3,873.37 | $3,904.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,263
Closing costs & prepaids$16,020
Usable credit−$0
Total buyer cash needed$42,283
Earnest money paid−$0
Remaining funds due$42,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,308.69
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)$618.00
Initial HOA (3 months)$369.99
Prepaid interest, first (9 days)$776.48
Prepaid interest, second (9 days)$79.06
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$79,916Through Dec 2026
Assumption only · ends Jun 2054$562,003
Assumption + second · ends Jun 2054, second Jan 2057$634,050
New conventional · ends Jan 2057$717,254