Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,568/mo
Lowest payment- Down payment
- $77,634
- Funds due
- $97,549
- Interest + MI left
- $839,985
- First ends
- Jul 2054
Assumption
Assumption + second
$5,986/mo
+$418/mo- Down payment
- $36,634
- Funds due
- $57,866
- Interest + MI left
- $949,390
- First ends
- Jul 2054
New loan
New conventional
$5,875/mo
+$307/mo- Down payment
- $36,634
- Funds due
- $52,193
- Interest + MI left
- $1,010,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $647,366 | $647,366 | $688,366 |
| Second mortgage | — | $41,000 | — |
| First P&I | $4,493.51 | $4,493.51 | $4,663.23 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $137.67 |
| Taxes, insurance & HOA | $1,074.58 | $1,074.58 | $1,074.58 |
| Total housing payment | $5,568.09 | $5,985.88 | $5,875.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,634
Closing costs & prepaids$21,231
Usable credit−$0
Total buyer cash needed$57,866
Earnest money paid−$0
Remaining funds due$57,866
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,236.83
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)$2,573.75
Prepaid interest, first (5 days)$635.84
Prepaid interest, second (5 days)$66.70
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 7 moOf the original 30-year loan at 7.17%
Interest already paid$113,702Through Dec 2026
Assumption only · ends Jul 2054$839,985
Assumption + second · ends Jul 2054, second Jan 2057$949,390
New conventional · ends Jan 2057$1,010,222