Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,756/mo
Lowest payment- Down payment
- $67,433
- Funds due
- $82,223
- Interest + MI left
- $595,282
- First ends
- Nov 2054
Assumption
Assumption + second
$4,174/mo
+$418/mo- Down payment
- $26,433
- Funds due
- $42,540
- Interest + MI left
- $704,686
- First ends
- Nov 2054
New loan
New conventional
$4,067/mo
+$311/mo- Down payment
- $26,433
- Funds due
- $37,918
- Interest + MI left
- $723,093
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,567 | $457,567 | $498,567 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,142.83 | $3,142.83 | $3,353.89 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $99.71 |
| Taxes, insurance & HOA | $612.92 | $612.92 | $612.92 |
| Total housing payment | $3,755.75 | $4,173.54 | $4,066.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,433
Closing costs & prepaids$16,106
Usable credit−$0
Total buyer cash needed$42,540
Earnest money paid−$0
Remaining funds due$42,540
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,287.83
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)$1,338.75
Prepaid interest, first (5 days)$445.03
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 11 moOf the original 30-year loan at 7.1%
Interest already paid$68,476Through Dec 2026
Assumption only · ends Nov 2054$595,282
Assumption + second · ends Nov 2054, second Jan 2057$704,686
New conventional · ends Jan 2057$723,093