Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,772/mo
Lowest payment- Down payment
- $67,607
- Funds due
- $84,399
- Interest + MI left
- $786,048
- First ends
- May 2054
Assumption
Assumption + second
$5,098/mo
+$326/mo- Down payment
- $35,607
- Funds due
- $53,670
- Interest + MI left
- $871,436
- First ends
- May 2054
New loan
New conventional
$5,207/mo
+$435/mo- Down payment
- $35,607
- Funds due
- $48,117
- Interest + MI left
- $1,011,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $632,393 | $632,393 | $664,393 |
| Second mortgage | — | $32,000 | — |
| First P&I | $4,298.31 | $4,298.31 | $4,600.12 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $132.88 |
| Taxes, insurance & HOA | $473.92 | $473.92 | $473.92 |
| Total housing payment | $4,772.22 | $5,098.30 | $5,206.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,607
Closing costs & prepaids$18,063
Usable credit−$0
Total buyer cash needed$53,670
Earnest money paid−$0
Remaining funds due$53,670
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%)$3,161.97
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)$660.75
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$240.48
Prepaid interest, second (2 days)$20.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 6.940%
Interest already paid$111,343Through Nov 2026
Assumption only · ends May 2054$786,048
Assumption + second · ends May 2054, second Dec 2056$871,436
New conventional · ends Dec 2056$1,011,052