Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,490/mo
Lowest payment- Down payment
- $188,604
- Funds due
- $204,579
- Interest + MI left
- $501,637
- First ends
- Sep 2054
Assumption
Assumption + second
$4,356/mo
+$866/mo- Down payment
- $70,604
- Funds due
- $87,855
- Interest + MI left
- $695,340
- First ends
- Sep 2054
New loan
New conventional
$4,941/mo
+$1,450/mo- Down payment
- $70,604
- Funds due
- $82,572
- Interest + MI left
- $954,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,295 | $511,295 | $629,295 |
| Second mortgage | — | $118,000 | — |
| First P&I | $3,032.73 | $3,032.73 | $4,357.11 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $125.86 |
| Taxes, insurance & HOA | $457.58 | $457.58 | $457.58 |
| Total housing payment | $3,490.31 | $4,356.15 | $4,940.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,604
Closing costs & prepaids$17,251
Usable credit−$0
Total buyer cash needed$87,855
Earnest money paid−$0
Remaining funds due$87,855
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,998.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,556.48
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)$742.75
Initial HOA (3 months)$129.99
Prepaid interest, first (1 days)$78.80
Prepaid interest, second (1 days)$25.86
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 5.625%
Interest already paid$63,316Through Nov 2026
Assumption only · ends Sep 2054$501,637
Assumption + second · ends Sep 2054, second Dec 2056$695,340
New conventional · ends Dec 2056$954,368