Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,694/mo
Lowest payment- Down payment
- $89,851
- Funds due
- $108,298
- Interest + MI left
- $733,719
- First ends
- Oct 2054
Assumption
Assumption + second
$5,234/mo
+$540/mo- Down payment
- $36,851
- Funds due
- $56,652
- Interest + MI left
- $875,144
- First ends
- Oct 2054
New loan
New conventional
$5,391/mo
+$697/mo- Down payment
- $36,851
- Funds due
- $51,103
- Interest + MI left
- $1,008,436
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $634,149 | $634,149 | $687,149 |
| Second mortgage | — | $53,000 | — |
| First P&I | $4,095.41 | $4,095.41 | $4,654.99 |
| Second P&I | — | $540.07 | — |
| Mortgage insurance | — | — | $137.43 |
| Taxes, insurance & HOA | $598.25 | $598.25 | $598.25 |
| Total housing payment | $4,693.66 | $5,233.73 | $5,390.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,851
Closing costs & prepaids$19,800
Usable credit−$0
Total buyer cash needed$56,652
Earnest money paid−$0
Remaining funds due$56,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,170.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$868.75
Initial HOA (3 months)$276.00
Prepaid interest, first (6 days)$673.41
Prepaid interest, second (6 days)$103.46
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 10 moOf the original 30-year loan at 6.46%
Interest already paid$89,985Through Dec 2026
Assumption only · ends Oct 2054$733,719
Assumption + second · ends Oct 2054, second Jan 2057$875,144
New conventional · ends Jan 2057$1,008,436