Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,094/mo
Lowest payment- Down payment
- $61,043
- Funds due
- $77,154
- Interest + MI left
- $632,798
- First ends
- Apr 2054
Assumption
Assumption + second
$4,410/mo
+$316/mo- Down payment
- $30,043
- Funds due
- $47,495
- Interest + MI left
- $715,519
- First ends
- Apr 2054
New loan
New conventional
$4,496/mo
+$402/mo- Down payment
- $30,043
- Funds due
- $42,490
- Interest + MI left
- $836,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $538,857 | $538,857 | $569,857 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,572.12 | $3,572.12 | $3,860.41 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $113.97 |
| Taxes, insurance & HOA | $521.67 | $521.67 | $521.67 |
| Total housing payment | $4,093.79 | $4,409.68 | $4,496.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,043
Closing costs & prepaids$17,452
Usable credit−$0
Total buyer cash needed$47,495
Earnest money paid−$0
Remaining funds due$47,495
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,694.28
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)$720.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$884.91
Prepaid interest, second (9 days)$90.77
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 6.66%
Interest already paid$97,303Through Dec 2026
Assumption only · ends Apr 2054$632,798
Assumption + second · ends Apr 2054, second Jan 2057$715,519
New conventional · ends Jan 2057$836,302