Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,634/mo
Lowest payment- Down payment
- $80,123
- Funds due
- $94,818
- Interest + MI left
- $581,994
- First ends
- May 2054
Assumption
Assumption + second
$4,164/mo
+$530/mo- Down payment
- $28,123
- Funds due
- $44,169
- Interest + MI left
- $720,751
- First ends
- May 2054
New loan
New conventional
$4,096/mo
+$462/mo- Down payment
- $28,123
- Funds due
- $39,454
- Interest + MI left
- $773,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,877 | $474,877 | $526,877 |
| Second mortgage | — | $52,000 | — |
| First P&I | $3,212.37 | $3,212.37 | $3,569.25 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | — | — | $105.38 |
| Taxes, insurance & HOA | $421.67 | $421.67 | $421.67 |
| Total housing payment | $3,634.04 | $4,163.92 | $4,096.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,123
Closing costs & prepaids$16,046
Usable credit−$0
Total buyer cash needed$44,169
Earnest money paid−$0
Remaining funds due$44,169
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,374.38
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)$666.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$537.07
Prepaid interest, second (6 days)$101.51
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 6.88%
Interest already paid$85,710Through Dec 2026
Assumption only · ends May 2054$581,994
Assumption + second · ends May 2054, second Jan 2057$720,751
New conventional · ends Jan 2057$773,226