Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,587/mo
Lowest payment- Down payment
- $257,395
- Funds due
- $275,094
- Interest + MI left
- $531,907
- First ends
- Nov 2054
Assumption
Assumption + second
$4,938/mo
+$1,350/mo- Down payment
- $73,395
- Funds due
- $92,707
- Interest + MI left
- $833,953
- First ends
- Nov 2054
New loan
New conventional
$5,148/mo
+$1,561/mo- Down payment
- $73,395
- Funds due
- $87,651
- Interest + MI left
- $952,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,605 | $467,605 | $651,605 |
| Second mortgage | — | $184,000 | — |
| First P&I | $2,983.62 | $2,983.62 | $4,414.20 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $130.32 |
| Taxes, insurance & HOA | $603.84 | $603.84 | $603.84 |
| Total housing payment | $3,587.46 | $4,937.58 | $5,148.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,395
Closing costs & prepaids$19,313
Usable credit−$0
Total buyer cash needed$92,707
Earnest money paid−$0
Remaining funds due$92,707
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,338.03
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)$870.00
Initial HOA (3 months)$291.51
Prepaid interest, first (9 days)$732.15
Prepaid interest, second (9 days)$362.96
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$62,696Through Dec 2026
Assumption only · ends Nov 2054$531,907
Assumption + second · ends Nov 2054, second Jan 2057$833,953
New conventional · ends Jan 2057$952,754