Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,428/mo
Lowest payment- Down payment
- $84,154
- Funds due
- $100,637
- Interest + MI left
- $397,976
- First ends
- Sep 2054
Assumption
Assumption + second
$3,947/mo
+$520/mo- Down payment
- $33,154
- Funds due
- $51,037
- Interest + MI left
- $534,065
- First ends
- Sep 2054
New loan
New conventional
$4,831/mo
+$1,404/mo- Down payment
- $33,154
- Funds due
- $46,187
- Interest + MI left
- $903,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $564,846 | $564,846 | $615,846 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,891.36 | $2,891.36 | $4,171.96 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $123.17 |
| Taxes, insurance & HOA | $536.25 | $536.25 | $536.25 |
| Total housing payment | $3,427.61 | $3,947.30 | $4,831.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,154
Closing costs & prepaids$17,882
Usable credit−$0
Total buyer cash needed$51,037
Earnest money paid−$0
Remaining funds due$51,037
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,824.23
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)$778.75
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$591.93
Prepaid interest, second (9 days)$149.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 4.25%
Interest already paid$55,166Through Dec 2026
Assumption only · ends Sep 2054$397,976
Assumption + second · ends Sep 2054, second Jan 2057$534,065
New conventional · ends Jan 2057$903,671