Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,483/mo
Lowest payment- Down payment
- $138,929
- Funds due
- $157,398
- Interest + MI left
- $740,932
- First ends
- May 2055
Assumption
Assumption + second
$5,022/mo
+$539/mo- Down payment
- $71,929
- Funds due
- $91,796
- Interest + MI left
- $868,007
- First ends
- May 2055
New loan
New conventional
$5,122/mo
+$639/mo- Down payment
- $71,929
- Funds due
- $86,148
- Interest + MI left
- $946,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,071 | $580,071 | $647,071 |
| Second mortgage | — | $67,000 | — |
| First P&I | $3,873.91 | $3,873.91 | $4,383.48 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $129.41 |
| Taxes, insurance & HOA | $609.25 | $609.25 | $609.25 |
| Total housing payment | $4,483.16 | $5,022.26 | $5,122.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,929
Closing costs & prepaids$19,867
Usable credit−$0
Total buyer cash needed$91,796
Earnest money paid−$0
Remaining funds due$91,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,900.36
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)$862.75
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$982.62
Prepaid interest, second (9 days)$148.68
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 6.87%
Interest already paid$63,675Through Dec 2026
Assumption only · ends May 2055$740,932
Assumption + second · ends May 2055, second Jan 2057$868,007
New conventional · ends Jan 2057$946,125