Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,038/mo
Lowest payment- Down payment
- $57,496
- Funds due
- $70,185
- Interest + MI left
- $505,845
- First ends
- Sep 2054
Assumption
Assumption + second
$3,385/mo
+$346/mo- Down payment
- $23,496
- Funds due
- $37,457
- Interest + MI left
- $596,570
- First ends
- Sep 2054
New loan
New conventional
$3,428/mo
+$390/mo- Down payment
- $23,496
- Funds due
- $33,169
- Interest + MI left
- $664,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,504 | $402,504 | $436,504 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,719.61 | $2,719.61 | $3,022.27 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $87.30 |
| Taxes, insurance & HOA | $318.50 | $318.50 | $318.50 |
| Total housing payment | $3,038.11 | $3,384.57 | $3,428.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,496
Closing costs & prepaids$13,961
Usable credit−$0
Total buyer cash needed$37,457
Earnest money paid−$0
Remaining funds due$37,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,012.52
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)$305.50
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$152.62
Prepaid interest, second (2 days)$22.12
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$61,114Through Nov 2026
Assumption only · ends Sep 2054$505,845
Assumption + second · ends Sep 2054, second Dec 2056$596,570
New conventional · ends Dec 2056$664,258