Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,650/mo
Lowest payment- Down payment
- $67,832
- Funds due
- $84,556
- Interest + MI left
- $718,600
- First ends
- May 2054
Assumption
Assumption + second
$5,007/mo
+$357/mo- Down payment
- $32,832
- Funds due
- $50,828
- Interest + MI left
- $811,994
- First ends
- May 2054
New loan
New conventional
$5,105/mo
+$455/mo- Down payment
- $32,832
- Funds due
- $45,554
- Interest + MI left
- $939,310
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $582,168 | $582,168 | $617,168 |
| Second mortgage | — | $35,000 | — |
| First P&I | $3,941.72 | $3,941.72 | $4,273.15 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $123.43 |
| Taxes, insurance & HOA | $708.33 | $708.33 | $708.33 |
| Total housing payment | $4,650.06 | $5,006.71 | $5,104.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,832
Closing costs & prepaids$17,997
Usable credit−$0
Total buyer cash needed$50,828
Earnest money paid−$0
Remaining funds due$50,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,910.84
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)$1,625.00
Prepaid interest, first (2 days)$220.11
Prepaid interest, second (2 days)$22.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.900%
Interest already paid$101,920Through Nov 2026
Assumption only · ends May 2054$718,600
Assumption + second · ends May 2054, second Dec 2056$811,994
New conventional · ends Dec 2056$939,310