Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,832/mo
Lowest payment- Down payment
- $68,248
- Funds due
- $86,056
- Interest + MI left
- $782,390
- First ends
- May 2054
Assumption
Assumption + second
$5,168/mo
+$336/mo- Down payment
- $35,248
- Funds due
- $54,403
- Interest + MI left
- $870,448
- First ends
- May 2054
New loan
New conventional
$5,170/mo
+$338/mo- Down payment
- $35,248
- Funds due
- $48,848
- Interest + MI left
- $975,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $631,752 | $631,752 | $664,752 |
| Second mortgage | — | $33,000 | — |
| First P&I | $4,298.31 | $4,298.31 | $4,503.26 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $132.95 |
| Taxes, insurance & HOA | $533.67 | $533.67 | $533.67 |
| Total housing payment | $4,831.97 | $5,168.24 | $5,169.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,248
Closing costs & prepaids$19,155
Usable credit−$0
Total buyer cash needed$54,403
Earnest money paid−$0
Remaining funds due$54,403
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,158.76
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)$840.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$1,081.08
Prepaid interest, second (9 days)$96.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.94%
Interest already paid$115,000Through Dec 2026
Assumption only · ends May 2054$782,390
Assumption + second · ends May 2054, second Jan 2057$870,448
New conventional · ends Jan 2057$975,567