Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,956/mo
Lowest payment- Down payment
- $71,299
- Funds due
- $92,524
- Interest + MI left
- $930,038
- First ends
- May 2054
Assumption
Assumption + second
$6,231/mo
+$275/mo- Down payment
- $44,299
- Funds due
- $66,826
- Interest + MI left
- $1,002,085
- First ends
- May 2054
New loan
New conventional
$6,456/mo
+$500/mo- Down payment
- $44,299
- Funds due
- $60,407
- Interest + MI left
- $1,210,303
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $797,701 | $797,701 | $824,701 |
| Second mortgage | — | $27,000 | — |
| First P&I | $5,251.49 | $5,251.49 | $5,586.81 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $164.94 |
| Taxes, insurance & HOA | $704.25 | $704.25 | $704.25 |
| Total housing payment | $5,955.74 | $6,230.87 | $6,456.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,299
Closing costs & prepaids$22,527
Usable credit−$0
Total buyer cash needed$66,826
Earnest money paid−$0
Remaining funds due$66,826
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,988.51
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)$1,042.75
Initial HOA (3 months)$420.00
Prepaid interest, first (6 days)$865.45
Prepaid interest, second (6 days)$52.71
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 6.6%
Interest already paid$138,229Through Dec 2026
Assumption only · ends May 2054$930,038
Assumption + second · ends May 2054, second Jan 2057$1,002,085
New conventional · ends Jan 2057$1,210,303