Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,797/mo
Lowest payment- Down payment
- $82,498
- Funds due
- $97,646
- Interest + MI left
- $572,956
- First ends
- May 2054
Assumption
Assumption + second
$4,014/mo
+$217/mo- Down payment
- $55,498
- Funds due
- $71,930
- Interest + MI left
- $624,165
- First ends
- May 2054
New loan
New conventional
$4,083/mo
+$286/mo- Down payment
- $55,498
- Funds due
- $67,007
- Interest + MI left
- $723,044
- 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 | $494,502 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,162.49 | $3,162.49 | $3,349.93 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $98.90 |
| Taxes, insurance & HOA | $634.17 | $634.17 | $634.17 |
| Total housing payment | $3,796.65 | $4,013.90 | $4,083.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,498
Closing costs & prepaids$16,432
Usable credit−$0
Total buyer cash needed$71,930
Earnest money paid−$0
Remaining funds due$71,930
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
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)$1,402.50
Prepaid interest, first (5 days)$440.60
Prepaid interest, second (5 days)$33.29
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$624,165
New conventional · ends Jan 2057$723,044