Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
Lowest payment- Down payment
- $196,039
- Funds due
- $211,092
- Interest + MI left
- $322,068
- First ends
- Jun 2054
Assumption
Assumption + second
$3,843/mo
+$1,005/mo- Down payment
- $59,039
- Funds due
- $75,462
- Interest + MI left
- $546,961
- First ends
- Jun 2054
New loan
New conventional
$4,346/mo
+$1,508/mo- Down payment
- $59,039
- Funds due
- $70,942
- Interest + MI left
- $767,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,951 | $393,951 | $530,951 |
| Second mortgage | — | $137,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $3,571.74 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $106.19 |
| Taxes, insurance & HOA | $668.17 | $668.17 | $668.17 |
| Total housing payment | $2,837.92 | $3,843.18 | $4,346.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,039
Closing costs & prepaids$16,423
Usable credit−$0
Total buyer cash needed$75,462
Earnest money paid−$0
Remaining funds due$75,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,899.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,969.75
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)$1,504.50
Prepaid interest, first (4 days)$210.47
Prepaid interest, second (4 days)$120.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6 moOf the original 30-year loan at 4.875%
Interest already paid$49,043Through Dec 2026
Assumption only · ends Jun 2054$322,068
Assumption + second · ends Jun 2054, second Jan 2057$546,961
New conventional · ends Jan 2057$767,300