Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,439/mo
Lowest payment- Down payment
- $99,587
- Funds due
- $114,464
- Interest + MI left
- $557,965
- First ends
- May 2055
Assumption
Assumption + second
$3,801/mo
+$362/mo- Down payment
- $54,587
- Funds due
- $70,814
- Interest + MI left
- $643,314
- First ends
- May 2055
New loan
New conventional
$3,917/mo
+$478/mo- Down payment
- $54,587
- Funds due
- $66,024
- Interest + MI left
- $717,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,413 | $445,413 | $490,413 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,942.46 | $2,942.46 | $3,322.23 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $98.08 |
| Taxes, insurance & HOA | $496.67 | $496.67 | $496.67 |
| Total housing payment | $3,439.13 | $3,801.21 | $3,916.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,587
Closing costs & prepaids$16,227
Usable credit−$0
Total buyer cash needed$70,814
Earnest money paid−$0
Remaining funds due$70,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,227.07
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)$654.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$742.44
Prepaid interest, second (9 days)$99.86
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 5 moOf the original 30-year loan at 6.76%
Interest already paid$48,120Through Dec 2026
Assumption only · ends May 2055$557,965
Assumption + second · ends May 2055, second Jan 2057$643,314
New conventional · ends Jan 2057$717,065