Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,499/mo
Lowest payment- Down payment
- $152,496
- Funds due
- $171,097
- Interest + MI left
- $696,824
- First ends
- Jun 2054
Assumption
Assumption + second
$5,135/mo
+$636/mo- Down payment
- $73,496
- Funds due
- $93,522
- Interest + MI left
- $846,658
- First ends
- Jun 2054
New loan
New conventional
$5,196/mo
+$697/mo- Down payment
- $73,496
- Funds due
- $87,897
- Interest + MI left
- $952,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $572,504 | $572,504 | $651,504 |
| Second mortgage | — | $79,000 | — |
| First P&I | $3,846.45 | $3,846.45 | $4,413.52 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $130.30 |
| Taxes, insurance & HOA | $652.67 | $652.67 | $652.67 |
| Total housing payment | $4,499.11 | $5,134.77 | $5,196.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,496
Closing costs & prepaids$20,027
Usable credit−$0
Total buyer cash needed$93,522
Earnest money paid−$0
Remaining funds due$93,522
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,862.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$962.75
Prepaid interest, second (9 days)$175.32
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$99,088Through Dec 2026
Assumption only · ends Jun 2054$696,824
Assumption + second · ends Jun 2054, second Jan 2057$846,658
New conventional · ends Jan 2057$952,607