Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,664/mo
Lowest payment- Down payment
- $135,237
- Funds due
- $154,181
- Interest + MI left
- $714,124
- First ends
- Mar 2054
Assumption
Assumption + second
$5,146/mo
+$483/mo- Down payment
- $75,237
- Funds due
- $95,564
- Interest + MI left
- $827,922
- First ends
- Mar 2054
New loan
New conventional
$5,306/mo
+$642/mo- Down payment
- $75,237
- Funds due
- $89,753
- Interest + MI left
- $986,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $614,763 | $614,763 | $674,763 |
| Second mortgage | — | $60,000 | — |
| First P&I | $4,063.88 | $4,063.88 | $4,571.08 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $134.95 |
| Taxes, insurance & HOA | $599.67 | $599.67 | $599.67 |
| Total housing payment | $4,663.54 | $5,146.32 | $5,305.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,237
Closing costs & prepaids$20,327
Usable credit−$0
Total buyer cash needed$95,564
Earnest money paid−$0
Remaining funds due$95,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,073.82
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)$900.00
Initial HOA (3 months)$249.00
Prepaid interest, first (9 days)$1,003.50
Prepaid interest, second (9 days)$133.15
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 3 moOf the original 30-year loan at 6.62%
Interest already paid$113,871Through Dec 2026
Assumption only · ends Mar 2054$714,124
Assumption + second · ends Mar 2054, second Jan 2057$827,922
New conventional · ends Jan 2057$986,615