Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,821/mo
Lowest payment- Down payment
- $136,816
- Funds due
- $151,088
- Interest + MI left
- $367,694
- First ends
- Apr 2054
Assumption
Assumption + second
$3,489/mo
+$668/mo- Down payment
- $53,816
- Funds due
- $69,522
- Interest + MI left
- $525,115
- First ends
- Apr 2054
New loan
New conventional
$3,823/mo
+$1,001/mo- Down payment
- $53,816
- Funds due
- $65,101
- Interest + MI left
- $696,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,183 | $393,183 | $476,183 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,319.75 | $2,319.75 | $3,225.83 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $95.24 |
| Taxes, insurance & HOA | $501.67 | $501.67 | $501.67 |
| Total housing payment | $2,821.41 | $3,489.25 | $3,822.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,816
Closing costs & prepaids$15,706
Usable credit−$0
Total buyer cash needed$69,522
Earnest money paid−$0
Remaining funds due$69,522
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.92
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)$636.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$533.22
Prepaid interest, second (9 days)$184.19
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 4 moOf the original 30-year loan at 5.5%
Interest already paid$58,857Through Dec 2026
Assumption only · ends Apr 2054$367,694
Assumption + second · ends Apr 2054, second Jan 2057$525,115
New conventional · ends Jan 2057$696,163