Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,311/mo
Lowest payment- Down payment
- $83,711
- Funds due
- $98,086
- Interest + MI left
- $542,582
- First ends
- Jul 2055
Assumption
Assumption + second
$3,569/mo
+$257/mo- Down payment
- $51,711
- Funds due
- $67,407
- Interest + MI left
- $603,274
- First ends
- Jul 2055
New loan
New conventional
$3,683/mo
+$372/mo- Down payment
- $51,711
- Funds due
- $62,740
- Interest + MI left
- $670,094
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,289 | $426,289 | $458,289 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,824.70 | $2,824.70 | $3,104.61 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $91.66 |
| Taxes, insurance & HOA | $486.67 | $486.67 | $486.67 |
| Total housing payment | $3,311.36 | $3,568.84 | $3,682.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,711
Closing costs & prepaids$15,696
Usable credit−$0
Total buyer cash needed$67,407
Earnest money paid−$0
Remaining funds due$67,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,131.45
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)$612.00
Initial HOA (3 months)$348.00
Prepaid interest, first (9 days)$715.82
Prepaid interest, second (9 days)$71.01
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 7 moOf the original 30-year loan at 6.81%
Interest already paid$41,466Through Dec 2026
Assumption only · ends Jul 2055$542,582
Assumption + second · ends Jul 2055, second Jan 2057$603,274
New conventional · ends Jan 2057$670,094