Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,613/mo
Lowest payment- Down payment
- $81,978
- Funds due
- $98,884
- Interest + MI left
- $728,676
- First ends
- Sep 2054
Assumption
Assumption + second
$5,112/mo
+$499/mo- Down payment
- $32,978
- Funds due
- $51,197
- Interest + MI left
- $859,428
- First ends
- Sep 2054
New loan
New conventional
$4,993/mo
+$380/mo- Down payment
- $32,978
- Funds due
- $45,961
- Interest + MI left
- $894,894
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $568,022 | $568,022 | $617,022 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,893.99 | $3,893.99 | $4,150.75 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | — | — | $123.40 |
| Taxes, insurance & HOA | $719.17 | $719.17 | $719.17 |
| Total housing payment | $4,613.15 | $5,112.47 | $4,993.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,978
Closing costs & prepaids$18,219
Usable credit−$0
Total buyer cash needed$51,197
Earnest money paid−$0
Remaining funds due$51,197
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%)$2,840.11
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)$1,657.50
Prepaid interest, first (4 days)$439.48
Prepaid interest, second (4 days)$63.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 7.06%
Interest already paid$91,391Through Dec 2026
Assumption only · ends Sep 2054$728,676
Assumption + second · ends Sep 2054, second Jan 2057$859,428
New conventional · ends Jan 2057$894,894