Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,186/mo
Lowest payment- Down payment
- $78,739
- Funds due
- $94,654
- Interest + MI left
- $699,677
- First ends
- Aug 2054
Assumption
Assumption + second
$4,665/mo
+$479/mo- Down payment
- $31,739
- Funds due
- $48,996
- Interest + MI left
- $825,092
- First ends
- Aug 2054
New loan
New conventional
$4,590/mo
+$404/mo- Down payment
- $31,739
- Funds due
- $43,858
- Interest + MI left
- $877,840
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $551,161 | $551,161 | $598,161 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,767.58 | $3,767.58 | $4,052.15 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $119.63 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $4,186.25 | $4,665.18 | $4,590.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,739
Closing costs & prepaids$17,257
Usable credit−$0
Total buyer cash needed$48,996
Earnest money paid−$0
Remaining funds due$48,996
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,755.80
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)$756.00
Prepaid interest, first (6 days)$636.02
Prepaid interest, second (6 days)$91.75
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 7.02%
Interest already paid$91,498Through Dec 2026
Assumption only · ends Aug 2054$699,677
Assumption + second · ends Aug 2054, second Jan 2057$825,092
New conventional · ends Jan 2057$877,840