Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,519/mo
Lowest payment- Down payment
- $147,619
- Funds due
- $166,403
- Interest + MI left
- $747,543
- First ends
- Sep 2055
Assumption
Assumption + second
$5,114/mo
+$595/mo- Down payment
- $73,619
- Funds due
- $93,817
- Interest + MI left
- $887,895
- First ends
- Sep 2055
New loan
New conventional
$5,262/mo
+$743/mo- Down payment
- $73,619
- Funds due
- $88,128
- Interest + MI left
- $967,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $587,381 | $587,381 | $661,381 |
| Second mortgage | — | $74,000 | — |
| First P&I | $3,869.35 | $3,869.35 | $4,480.43 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $132.28 |
| Taxes, insurance & HOA | $649.67 | $649.67 | $649.67 |
| Total housing payment | $4,519.01 | $5,114.43 | $5,262.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,619
Closing costs & prepaids$20,199
Usable credit−$0
Total buyer cash needed$93,817
Earnest money paid−$0
Remaining funds due$93,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,936.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$980.52
Prepaid interest, second (9 days)$164.22
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 yr 9 moOf the original 30-year loan at 6.77%
Interest already paid$50,072Through Dec 2026
Assumption only · ends Sep 2055$747,543
Assumption + second · ends Sep 2055, second Jan 2057$887,895
New conventional · ends Jan 2057$967,048