Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,019/mo
Lowest payment- Down payment
- $65,795
- Funds due
- $81,795
- Interest + MI left
- $623,272
- First ends
- Oct 2054
Assumption
Assumption + second
$4,396/mo
+$377/mo- Down payment
- $28,795
- Funds due
- $46,154
- Interest + MI left
- $722,003
- First ends
- Oct 2054
New loan
New conventional
$4,438/mo
+$419/mo- Down payment
- $28,795
- Funds due
- $41,285
- Interest + MI left
- $801,592
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,205 | $509,205 | $546,205 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,390.65 | $3,390.65 | $3,700.18 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $109.24 |
| Taxes, insurance & HOA | $628.67 | $628.67 | $628.67 |
| Total housing payment | $4,019.32 | $4,396.35 | $4,438.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,795
Closing costs & prepaids$17,358
Usable credit−$0
Total buyer cash needed$46,154
Earnest money paid−$0
Remaining funds due$46,154
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,546.02
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)$690.00
Initial HOA (3 months)$696.00
Prepaid interest, first (9 days)$850.02
Prepaid interest, second (9 days)$108.34
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 6.77%
Interest already paid$75,665Through Dec 2026
Assumption only · ends Oct 2054$623,272
Assumption + second · ends Oct 2054, second Jan 2057$722,003
New conventional · ends Jan 2057$801,592