Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,913/mo
Lowest payment- Down payment
- $233,697
- Funds due
- $248,565
- Interest + MI left
- $373,226
- First ends
- Jan 2054
Assumption
Assumption + second
$4,153/mo
+$1,240/mo- Down payment
- $64,697
- Funds due
- $80,890
- Interest + MI left
- $650,649
- First ends
- Jan 2054
New loan
New conventional
$4,544/mo
+$1,632/mo- Down payment
- $64,697
- Funds due
- $76,207
- Interest + MI left
- $870,854
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,303 | $405,303 | $574,303 |
| Second mortgage | — | $169,000 | — |
| First P&I | $2,459.64 | $2,459.64 | $3,976.36 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $114.86 |
| Taxes, insurance & HOA | $453.00 | $453.00 | $453.00 |
| Total housing payment | $2,912.64 | $4,152.70 | $4,544.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,697
Closing costs & prepaids$16,193
Usable credit−$0
Total buyer cash needed$80,890
Earnest money paid−$0
Remaining funds due$80,890
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,026.52
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)$427.00
Initial HOA (3 months)$432.00
Prepaid interest, first (2 days)$124.92
Prepaid interest, second (2 days)$74.08
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 2 moOf the original 30-year loan at 5.625%
Interest already paid$66,833Through Nov 2026
Assumption only · ends Jan 2054$373,226
Assumption + second · ends Jan 2054, second Dec 2056$650,649
New conventional · ends Dec 2056$870,854