Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,906/mo
Lowest payment- Down payment
- $86,090
- Funds due
- $101,847
- Interest + MI left
- $636,811
- First ends
- Sep 2054
Assumption
Assumption + second
$4,115/mo
+$209/mo- Down payment
- $60,090
- Funds due
- $77,155
- Interest + MI left
- $686,124
- First ends
- Sep 2054
New loan
New conventional
$4,216/mo
+$310/mo- Down payment
- $60,090
- Funds due
- $71,970
- Interest + MI left
- $789,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,910 | $513,910 | $539,910 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,455.62 | $3,455.62 | $3,657.54 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $107.98 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $3,905.62 | $4,114.82 | $4,215.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,090
Closing costs & prepaids$17,065
Usable credit−$0
Total buyer cash needed$77,155
Earnest money paid−$0
Remaining funds due$77,155
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,569.55
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)$720.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$869.28
Prepaid interest, second (9 days)$57.70
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 6.86%
Interest already paid$80,382Through Dec 2026
Assumption only · ends Sep 2054$636,811
Assumption + second · ends Sep 2054, second Jan 2057$686,124
New conventional · ends Jan 2057$789,438