Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,154/mo
Lowest payment- Down payment
- $59,028
- Funds due
- $74,474
- Interest + MI left
- $625,731
- First ends
- Apr 2054
Assumption
Assumption + second
$4,460/mo
+$306/mo- Down payment
- $29,028
- Funds due
- $45,734
- Interest + MI left
- $705,783
- First ends
- Apr 2054
New loan
New conventional
$4,574/mo
+$419/mo- Down payment
- $29,028
- Funds due
- $40,826
- Interest + MI left
- $830,952
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,972 | $515,972 | $545,972 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,470.22 | $3,470.22 | $3,780.20 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $109.19 |
| Taxes, insurance & HOA | $684.17 | $684.17 | $684.17 |
| Total housing payment | $4,154.39 | $4,460.09 | $4,573.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,028
Closing costs & prepaids$16,707
Usable credit−$0
Total buyer cash needed$45,734
Earnest money paid−$0
Remaining funds due$45,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,579.86
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)$1,552.50
Prepaid interest, first (1 days)$96.41
Prepaid interest, second (1 days)$9.76
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 5 moOf the original 30-year loan at 6.820%
Interest already paid$92,331Through Nov 2026
Assumption only · ends Apr 2054$625,731
Assumption + second · ends Apr 2054, second Dec 2056$705,783
New conventional · ends Dec 2056$830,952