Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,396/mo
Lowest payment- Down payment
- $89,377
- Funds due
- $105,605
- Interest + MI left
- $679,662
- First ends
- May 2054
Assumption
Assumption + second
$4,597/mo
+$201/mo- Down payment
- $64,377
- Funds due
- $81,861
- Interest + MI left
- $727,078
- First ends
- May 2054
New loan
New conventional
$4,768/mo
+$372/mo- Down payment
- $64,377
- Funds due
- $76,428
- Interest + MI left
- $872,971
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $550,623 | $550,623 | $575,623 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,728.14 | $3,728.14 | $3,985.50 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $115.12 |
| Taxes, insurance & HOA | $667.75 | $667.75 | $667.75 |
| Total housing payment | $4,395.89 | $4,597.04 | $4,768.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,377
Closing costs & prepaids$17,485
Usable credit−$0
Total buyer cash needed$81,861
Earnest money paid−$0
Remaining funds due$81,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,753.12
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)$909.25
Initial HOA (3 months)$594.00
Prepaid interest, first (1 days)$104.09
Prepaid interest, second (1 days)$6.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.900%
Interest already paid$96,397Through Nov 2026
Assumption only · ends May 2054$679,662
Assumption + second · ends May 2054, second Dec 2056$727,078
New conventional · ends Dec 2056$872,971