Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,771/mo
Lowest payment- Down payment
- $150,922
- Funds due
- $167,196
- Interest + MI left
- $634,982
- First ends
- Oct 2055
Assumption
Assumption + second
$4,455/mo
+$684/mo- Down payment
- $65,922
- Funds due
- $83,634
- Interest + MI left
- $796,197
- First ends
- Oct 2055
New loan
New conventional
$4,567/mo
+$796/mo- Down payment
- $65,922
- Funds due
- $78,452
- Interest + MI left
- $853,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $498,978 | $498,978 | $583,978 |
| Second mortgage | — | $85,000 | — |
| First P&I | $3,277.34 | $3,277.34 | $3,956.07 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $116.80 |
| Taxes, insurance & HOA | $493.67 | $493.67 | $493.67 |
| Total housing payment | $3,771.01 | $4,454.94 | $4,566.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,922
Closing costs & prepaids$17,712
Usable credit−$0
Total buyer cash needed$83,634
Earnest money paid−$0
Remaining funds due$83,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,494.89
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)$780.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$830.49
Prepaid interest, second (9 days)$188.63
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 10 moOf the original 30-year loan at 6.75%
Interest already paid$39,564Through Dec 2026
Assumption only · ends Oct 2055$634,982
Assumption + second · ends Oct 2055, second Jan 2057$796,197
New conventional · ends Jan 2057$853,872