Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,191/mo
Lowest payment- Down payment
- $109,167
- Funds due
- $124,676
- Interest + MI left
- $399,980
- First ends
- Sep 2054
Assumption
Assumption + second
$3,521/mo
+$330/mo- Down payment
- $68,167
- Funds due
- $84,936
- Interest + MI left
- $477,742
- First ends
- Sep 2054
New loan
New conventional
$4,621/mo
+$1,431/mo- Down payment
- $68,167
- Funds due
- $79,430
- Interest + MI left
- $920,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $565,733 | $565,733 | $606,733 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,891.36 | $2,891.36 | $4,200.90 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $121.35 |
| Taxes, insurance & HOA | $299.25 | $299.25 | $299.25 |
| Total housing payment | $3,190.61 | $3,520.50 | $4,621.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,167
Closing costs & prepaids$16,769
Usable credit−$0
Total buyer cash needed$84,936
Earnest money paid−$0
Remaining funds due$84,936
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,828.67
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)$67.75
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$65.87
Prepaid interest, second (1 days)$10.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 4.250%
Interest already paid$53,163Through Nov 2026
Assumption only · ends Sep 2054$399,980
Assumption + second · ends Sep 2054, second Dec 2056$477,742
New conventional · ends Dec 2056$920,030