Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,666/mo
Lowest payment- Down payment
- $72,048
- Funds due
- $86,662
- Interest + MI left
- $596,732
- First ends
- Feb 2054
Assumption
Assumption + second
$4,135/mo
+$469/mo- Down payment
- $26,048
- Funds due
- $42,046
- Interest + MI left
- $719,478
- First ends
- Feb 2054
New loan
New conventional
$3,906/mo
+$240/mo- Down payment
- $26,048
- Funds due
- $37,421
- Interest + MI left
- $724,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,952 | $447,952 | $493,952 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,204.55 | $3,204.55 | $3,346.20 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | — | — | $98.79 |
| Taxes, insurance & HOA | $461.34 | $461.34 | $461.34 |
| Total housing payment | $3,665.89 | $4,134.63 | $3,906.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,048
Closing costs & prepaids$15,998
Usable credit−$0
Total buyer cash needed$42,046
Earnest money paid−$0
Remaining funds due$42,046
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,239.76
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)$624.00
Initial HOA (3 months)$260.01
Prepaid interest, first (9 days)$821.78
Prepaid interest, second (9 days)$134.69
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 2 moOf the original 30-year loan at 7.44%
Interest already paid$95,894Through Dec 2026
Assumption only · ends Feb 2054$596,732
Assumption + second · ends Feb 2054, second Jan 2057$719,478
New conventional · ends Jan 2057$724,907