Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,818/mo
Lowest payment- Down payment
- $107,498
- Funds due
- $122,960
- Interest + MI left
- $572,956
- First ends
- May 2054
Assumption
Assumption + second
$4,212/mo
+$394/mo- Down payment
- $58,498
- Funds due
- $75,270
- Interest + MI left
- $665,891
- First ends
- May 2054
New loan
New conventional
$4,258/mo
+$440/mo- Down payment
- $58,498
- Funds due
- $70,312
- Interest + MI left
- $755,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,502 | $467,502 | $516,502 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,162.49 | $3,162.49 | $3,498.96 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $103.30 |
| Taxes, insurance & HOA | $655.42 | $655.42 | $655.42 |
| Total housing payment | $3,817.90 | $4,212.17 | $4,257.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,498
Closing costs & prepaids$16,773
Usable credit−$0
Total buyer cash needed$75,270
Earnest money paid−$0
Remaining funds due$75,270
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%)$2,337.51
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)$1,466.25
Prepaid interest, first (5 days)$440.60
Prepaid interest, second (5 days)$60.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.88%
Interest already paid$84,379Through Dec 2026
Assumption only · ends May 2054$572,956
Assumption + second · ends May 2054, second Jan 2057$665,891
New conventional · ends Jan 2057$755,108