Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,301/mo
Lowest payment- Down payment
- $81,042
- Funds due
- $97,917
- Interest + MI left
- $662,171
- First ends
- Apr 2054
Assumption
Assumption + second
$4,790/mo
+$489/mo- Down payment
- $33,042
- Funds due
- $51,308
- Interest + MI left
- $790,254
- First ends
- Apr 2054
New loan
New conventional
$4,846/mo
+$546/mo- Down payment
- $33,042
- Funds due
- $46,118
- Interest + MI left
- $903,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $567,958 | $567,958 | $615,958 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,750.39 | $3,750.39 | $4,172.71 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $123.19 |
| Taxes, insurance & HOA | $550.25 | $550.25 | $550.25 |
| Total housing payment | $4,300.64 | $4,789.76 | $4,846.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,042
Closing costs & prepaids$18,266
Usable credit−$0
Total buyer cash needed$51,308
Earnest money paid−$0
Remaining funds due$51,308
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,839.79
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)$778.75
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$927.09
Prepaid interest, second (9 days)$140.55
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 6.62%
Interest already paid$101,954Through Dec 2026
Assumption only · ends Apr 2054$662,171
Assumption + second · ends Apr 2054, second Jan 2057$790,254
New conventional · ends Jan 2057$903,959