Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,637/mo
Lowest payment- Down payment
- $597,039
- Funds due
- $617,755
- Interest + MI left
- $457,227
- First ends
- May 2054
Assumption
Assumption + second
$7,198/mo
+$3,561/mo- Down payment
- $100,039
- Funds due
- $122,110
- Interest + MI left
- $1,242,031
- First ends
- May 2054
New loan
New conventional
$7,421/mo
+$3,784/mo- Down payment
- $100,039
- Funds due
- $117,083
- Interest + MI left
- $1,357,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,961 | $397,961 | $894,961 |
| Second mortgage | — | $497,000 | — |
| First P&I | $2,591.48 | $2,591.48 | $6,196.53 |
| Second P&I | — | $3,560.57 | — |
| Mortgage insurance | — | — | $178.99 |
| Taxes, insurance & HOA | $1,045.83 | $1,045.83 | $1,045.83 |
| Total housing payment | $3,637.31 | $7,197.88 | $7,421.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,039
Closing costs & prepaids$22,072
Usable credit−$0
Total buyer cash needed$122,110
Earnest money paid−$0
Remaining funds due$122,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,989.81
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)$2,487.50
Prepaid interest, first (1 days)$70.87
Prepaid interest, second (1 days)$105.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.500%
Interest already paid$65,706Through Nov 2026
Assumption only · ends May 2054$457,227
Assumption + second · ends May 2054, second Dec 2056$1,242,031
New conventional · ends Dec 2056$1,357,269