Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,094/mo
Lowest payment- Down payment
- $115,440
- Funds due
- $131,561
- Interest + MI left
- $662,022
- First ends
- May 2054
Assumption
Assumption + second
$4,496/mo
+$402/mo- Down payment
- $65,440
- Funds due
- $82,885
- Interest + MI left
- $756,855
- First ends
- May 2054
New loan
New conventional
$4,534/mo
+$440/mo- Down payment
- $65,440
- Funds due
- $77,521
- Interest + MI left
- $854,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $534,560 | $534,560 | $584,560 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,637.03 | $3,637.03 | $3,960.01 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $116.91 |
| Taxes, insurance & HOA | $456.67 | $456.67 | $456.67 |
| Total housing payment | $4,093.69 | $4,496.01 | $4,533.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,440
Closing costs & prepaids$17,445
Usable credit−$0
Total buyer cash needed$82,885
Earnest money paid−$0
Remaining funds due$82,885
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,672.80
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)$780.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$609.84
Prepaid interest, second (6 days)$73.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 6.94%
Interest already paid$97,308Through Dec 2026
Assumption only · ends May 2054$662,022
Assumption + second · ends May 2054, second Jan 2057$756,855
New conventional · ends Jan 2057$854,723