Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,873/mo
Lowest payment- Down payment
- $90,127
- Funds due
- $109,567
- Interest + MI left
- $820,885
- First ends
- May 2056
Assumption
Assumption + second
$5,383/mo
+$510/mo- Down payment
- $40,127
- Funds due
- $60,914
- Interest + MI left
- $954,305
- First ends
- May 2056
New loan
New conventional
$5,836/mo
+$963/mo- Down payment
- $40,127
- Funds due
- $55,008
- Interest + MI left
- $1,115,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $709,873 | $709,873 | $759,873 |
| Second mortgage | — | $50,000 | — |
| First P&I | $4,336.43 | $4,336.43 | $5,147.64 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $151.97 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $4,873.09 | $5,382.59 | $5,836.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,127
Closing costs & prepaids$20,788
Usable credit−$0
Total buyer cash needed$60,914
Earnest money paid−$0
Remaining funds due$60,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,549.37
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)$960.00
Prepaid interest, first (6 days)$712.99
Prepaid interest, second (6 days)$97.60
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 closing29 yr 5 moOf the original 30-year loan at 6.11%
Interest already paid$25,402Through Dec 2026
Assumption only · ends May 2056$820,885
Assumption + second · ends May 2056, second Jan 2057$954,305
New conventional · ends Jan 2057$1,115,163