Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
Lowest payment- Down payment
- $52,895
- Funds due
- $66,305
- Interest + MI left
- $503,523
- First ends
- Sep 2054
Assumption
Assumption + second
$3,424/mo
+$306/mo- Down payment
- $22,895
- Funds due
- $37,643
- Interest + MI left
- $583,576
- First ends
- Sep 2054
New loan
New conventional
$3,412/mo
+$294/mo- Down payment
- $22,895
- Funds due
- $33,352
- Interest + MI left
- $634,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,105 | $402,105 | $432,105 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,719.61 | $2,719.61 | $2,927.23 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $86.42 |
| Taxes, insurance & HOA | $398.67 | $398.67 | $398.67 |
| Total housing payment | $3,118.27 | $3,423.97 | $3,412.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,895
Closing costs & prepaids$14,748
Usable credit−$0
Total buyer cash needed$37,643
Earnest money paid−$0
Remaining funds due$37,643
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,010.53
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)$546.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$686.11
Prepaid interest, second (9 days)$87.84
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 6.92%
Interest already paid$63,435Through Dec 2026
Assumption only · ends Sep 2054$503,523
Assumption + second · ends Sep 2054, second Jan 2057$583,576
New conventional · ends Jan 2057$634,142