Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$993/mo
Lowest payment- Down payment
- $342,812
- Funds due
- $353,663
- Interest + MI left
- $116,082
- First ends
- May 2054
Assumption
Assumption + second
$3,128/mo
+$2,135/mo- Down payment
- $44,812
- Funds due
- $57,482
- Interest + MI left
- $586,649
- First ends
- May 2054
New loan
New conventional
$3,101/mo
+$2,108/mo- Down payment
- $44,812
- Funds due
- $54,474
- Interest + MI left
- $577,605
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,088 | $97,088 | $395,088 |
| Second mortgage | — | $298,000 | — |
| First P&I | $647.93 | $647.93 | $2,676.46 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $79.02 |
| Taxes, insurance & HOA | $345.50 | $345.50 | $345.50 |
| Total housing payment | $993.43 | $3,128.34 | $3,100.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,812
Closing costs & prepaids$12,670
Usable credit−$0
Total buyer cash needed$57,482
Earnest money paid−$0
Remaining funds due$57,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$485.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$58.50
Prepaid interest, first (9 days)$161.35
Prepaid interest, second (9 days)$569.47
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 6.74%
Interest already paid$17,174Through Dec 2026
Assumption only · ends May 2054$116,082
Assumption + second · ends May 2054, second Jan 2057$586,649
New conventional · ends Jan 2057$577,605