Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,163/mo
Lowest payment- Down payment
- $147,288
- Funds due
- $165,874
- Interest + MI left
- $830,130
- First ends
- Feb 2054
Assumption
Assumption + second
$5,751/mo
+$587/mo- Down payment
- $74,288
- Funds due
- $94,160
- Interest + MI left
- $968,585
- First ends
- Feb 2054
New loan
New conventional
$5,532/mo
+$369/mo- Down payment
- $74,288
- Funds due
- $88,419
- Interest + MI left
- $1,001,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $587,212 | $587,212 | $660,212 |
| Second mortgage | — | $73,000 | — |
| First P&I | $4,334.38 | $4,334.38 | $4,571.17 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | — | — | $132.04 |
| Taxes, insurance & HOA | $828.75 | $828.75 | $828.75 |
| Total housing payment | $5,163.13 | $5,750.50 | $5,531.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,288
Closing costs & prepaids$19,872
Usable credit−$0
Total buyer cash needed$94,160
Earnest money paid−$0
Remaining funds due$94,160
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,345.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,936.06
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)$1,836.25
Prepaid interest, first (2 days)$250.65
Prepaid interest, second (2 days)$36.00
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 3 moOf the original 30-year loan at 7.790%
Interest already paid$127,562Through Nov 2026
Assumption only · ends Feb 2054$830,130
Assumption + second · ends Feb 2054, second Dec 2056$968,585
New conventional · ends Dec 2056$1,001,124