Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,048/mo
Lowest payment- Down payment
- $89,280
- Funds due
- $104,948
- Interest + MI left
- $626,148
- First ends
- Oct 2054
Assumption
Assumption + second
$4,281/mo
+$233/mo- Down payment
- $60,280
- Funds due
- $77,213
- Interest + MI left
- $681,150
- First ends
- Oct 2054
New loan
New conventional
$4,495/mo
+$447/mo- Down payment
- $60,280
- Funds due
- $72,033
- Interest + MI left
- $817,005
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,720 | $509,720 | $538,720 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,390.65 | $3,390.65 | $3,729.99 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $107.74 |
| Taxes, insurance & HOA | $657.42 | $657.42 | $657.42 |
| Total housing payment | $4,048.07 | $4,281.41 | $4,495.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,280
Closing costs & prepaids$16,932
Usable credit−$0
Total buyer cash needed$77,213
Earnest money paid−$0
Remaining funds due$77,213
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,548.60
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)$776.25
Initial HOA (3 months)$696.00
Prepaid interest, first (2 days)$189.09
Prepaid interest, second (2 days)$14.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.770%
Interest already paid$72,790Through Nov 2026
Assumption only · ends Oct 2054$626,148
Assumption + second · ends Oct 2054, second Dec 2056$681,150
New conventional · ends Dec 2056$817,005