Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,345/mo
Lowest payment- Down payment
- $79,939
- Funds due
- $96,743
- Interest + MI left
- $676,496
- First ends
- May 2054
Assumption
Assumption + second
$4,834/mo
+$489/mo- Down payment
- $31,939
- Funds due
- $50,134
- Interest + MI left
- $804,580
- First ends
- May 2054
New loan
New conventional
$4,788/mo
+$443/mo- Down payment
- $31,939
- Funds due
- $45,003
- Interest + MI left
- $877,694
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $550,061 | $550,061 | $598,061 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,728.14 | $3,728.14 | $4,051.47 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $119.61 |
| Taxes, insurance & HOA | $616.67 | $616.67 | $616.67 |
| Total housing payment | $4,344.80 | $4,833.92 | $4,787.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,939
Closing costs & prepaids$18,195
Usable credit−$0
Total buyer cash needed$50,134
Earnest money paid−$0
Remaining funds due$50,134
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,750.31
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)$756.00
Initial HOA (3 months)$594.00
Prepaid interest, first (9 days)$935.86
Prepaid interest, second (9 days)$140.55
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 6.9%
Interest already paid$99,563Through Dec 2026
Assumption only · ends May 2054$676,496
Assumption + second · ends May 2054, second Jan 2057$804,580
New conventional · ends Jan 2057$877,694