Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,747/mo
Lowest payment- Down payment
- $74,835
- Funds due
- $92,850
- Interest + MI left
- $729,391
- First ends
- Oct 2054
Assumption
Assumption + second
$5,165/mo
+$418/mo- Down payment
- $33,835
- Funds due
- $53,220
- Interest + MI left
- $838,795
- First ends
- Oct 2054
New loan
New conventional
$5,238/mo
+$491/mo- Down payment
- $33,835
- Funds due
- $47,857
- Interest + MI left
- $940,952
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $600,165 | $600,165 | $641,165 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,980.71 | $3,980.71 | $4,343.48 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $128.23 |
| Taxes, insurance & HOA | $766.67 | $766.67 | $766.67 |
| Total housing payment | $4,747.37 | $5,165.16 | $5,238.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,835
Closing costs & prepaids$19,385
Usable credit−$0
Total buyer cash needed$53,220
Earnest money paid−$0
Remaining funds due$53,220
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,000.83
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)$810.00
Initial HOA (3 months)$990.00
Prepaid interest, first (9 days)$995.95
Prepaid interest, second (9 days)$120.05
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 6.73%
Interest already paid$88,663Through Dec 2026
Assumption only · ends Oct 2054$729,391
Assumption + second · ends Oct 2054, second Jan 2057$838,795
New conventional · ends Jan 2057$940,952