Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,429/mo
Lowest payment- Down payment
- $93,767
- Funds due
- $109,944
- Interest + MI left
- $754,005
- First ends
- Sep 2054
Assumption
Assumption + second
$5,020/mo
+$591/mo- Down payment
- $35,767
- Funds due
- $53,213
- Interest + MI left
- $908,773
- First ends
- Sep 2054
New loan
New conventional
$5,084/mo
+$655/mo- Down payment
- $35,767
- Funds due
- $47,787
- Interest + MI left
- $1,009,286
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $605,233 | $605,233 | $663,233 |
| Second mortgage | — | $58,000 | — |
| First P&I | $4,069.57 | $4,069.57 | $4,592.09 |
| Second P&I | — | $591.02 | — |
| Mortgage insurance | — | — | $132.65 |
| Taxes, insurance & HOA | $359.50 | $359.50 | $359.50 |
| Total housing payment | $4,429.07 | $5,020.09 | $5,084.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,767
Closing costs & prepaids$17,445
Usable credit−$0
Total buyer cash needed$53,213
Earnest money paid−$0
Remaining funds due$53,213
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,026.16
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)$578.50
Prepaid interest, first (1 days)$113.92
Prepaid interest, second (1 days)$18.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.870%
Interest already paid$91,242Through Nov 2026
Assumption only · ends Sep 2054$754,005
Assumption + second · ends Sep 2054, second Dec 2056$908,773
New conventional · ends Dec 2056$1,009,286