Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,344/mo
Lowest payment- Down payment
- $101,974
- Funds due
- $116,099
- Interest + MI left
- $550,654
- First ends
- Aug 2054
Assumption
Assumption + second
$3,730/mo
+$386/mo- Down payment
- $53,974
- Funds due
- $69,420
- Interest + MI left
- $641,693
- First ends
- Aug 2054
New loan
New conventional
$3,736/mo
+$392/mo- Down payment
- $53,974
- Funds due
- $64,669
- Interest + MI left
- $703,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,026 | $433,026 | $481,026 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,962.89 | $2,962.89 | $3,258.64 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $96.21 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $3,343.56 | $3,729.78 | $3,735.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,974
Closing costs & prepaids$15,447
Usable credit−$0
Total buyer cash needed$69,420
Earnest money paid−$0
Remaining funds due$69,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,165.13
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)$642.00
Prepaid interest, first (6 days)$500.41
Prepaid interest, second (6 days)$71.01
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 8 moOf the original 30-year loan at 7.03%
Interest already paid$71,987Through Dec 2026
Assumption only · ends Aug 2054$550,654
Assumption + second · ends Aug 2054, second Jan 2057$641,693
New conventional · ends Jan 2057$703,340