Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,215/mo
Lowest payment- Down payment
- $53,522
- Funds due
- $67,050
- Interest + MI left
- $480,299
- First ends
- Jun 2054
Assumption
Assumption + second
$3,531/mo
+$316/mo- Down payment
- $22,522
- Funds due
- $37,391
- Interest + MI left
- $563,020
- First ends
- Jun 2054
New loan
New conventional
$3,500/mo
+$285/mo- Down payment
- $22,522
- Funds due
- $33,177
- Interest + MI left
- $612,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,412 | $386,412 | $417,412 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,626.40 | $2,626.40 | $2,827.69 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $83.48 |
| Taxes, insurance & HOA | $589.00 | $589.00 | $589.00 |
| Total housing payment | $3,215.40 | $3,531.29 | $3,500.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,522
Closing costs & prepaids$14,868
Usable credit−$0
Total buyer cash needed$37,391
Earnest money paid−$0
Remaining funds due$37,391
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.34
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,932.06
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$789.00
Prepaid interest, first (9 days)$661.24
Prepaid interest, second (9 days)$90.77
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 6.94%
Interest already paid$68,034Through Dec 2026
Assumption only · ends Jun 2054$480,299
Assumption + second · ends Jun 2054, second Jan 2057$563,020
New conventional · ends Jan 2057$612,496