Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,994/mo
Lowest payment- Down payment
- $109,585
- Funds due
- $124,532
- Interest + MI left
- $356,167
- First ends
- May 2054
Assumption
Assumption + second
$3,412/mo
+$418/mo- Down payment
- $57,585
- Funds due
- $73,872
- Interest + MI left
- $454,793
- First ends
- May 2054
New loan
New conventional
$4,105/mo
+$1,111/mo- Down payment
- $57,585
- Funds due
- $69,137
- Interest + MI left
- $756,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,415 | $465,415 | $517,415 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,497.21 | $2,497.21 | $3,505.15 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $103.48 |
| Taxes, insurance & HOA | $496.67 | $496.67 | $496.67 |
| Total housing payment | $2,993.88 | $3,412.28 | $4,105.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,585
Closing costs & prepaids$16,287
Usable credit−$0
Total buyer cash needed$73,872
Earnest money paid−$0
Remaining funds due$73,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,327.08
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)$690.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$412.37
Prepaid interest, second (7 days)$89.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4.62%
Interest already paid$56,839Through Dec 2026
Assumption only · ends May 2054$356,167
Assumption + second · ends May 2054, second Jan 2057$454,793
New conventional · ends Jan 2057$756,546