Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,963/mo
Lowest payment- Down payment
- $102,510
- Funds due
- $121,717
- Interest + MI left
- $837,173
- First ends
- Apr 2055
Assumption
Assumption + second
$5,181/mo
+$217/mo- Down payment
- $75,510
- Funds due
- $96,027
- Interest + MI left
- $888,382
- First ends
- Apr 2055
New loan
New conventional
$5,301/mo
+$337/mo- Down payment
- $75,510
- Funds due
- $90,014
- Interest + MI left
- $986,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $647,490 | $647,490 | $674,490 |
| Second mortgage | — | $27,000 | — |
| First P&I | $4,366.65 | $4,366.65 | $4,569.23 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $134.90 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $4,963.32 | $5,180.57 | $5,300.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,510
Closing costs & prepaids$20,517
Usable credit−$0
Total buyer cash needed$96,027
Earnest money paid−$0
Remaining funds due$96,027
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,237.45
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$1,111.20
Prepaid interest, second (9 days)$59.92
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 closing28 yr 4 moOf the original 30-year loan at 6.96%
Interest already paid$75,823Through Dec 2026
Assumption only · ends Apr 2055$837,173
Assumption + second · ends Apr 2055, second Jan 2057$888,382
New conventional · ends Jan 2057$986,216