Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,066/mo
Lowest payment- Down payment
- $342,710
- Funds due
- $353,634
- Interest + MI left
- $116,628
- First ends
- May 2054
Assumption
Assumption + second
$3,201/mo
+$2,135/mo- Down payment
- $44,710
- Funds due
- $56,948
- Interest + MI left
- $587,195
- First ends
- May 2054
New loan
New conventional
$3,233/mo
+$2,167/mo- Down payment
- $44,710
- Funds due
- $53,970
- Interest + MI left
- $599,253
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,190 | $97,190 | $395,190 |
| Second mortgage | — | $298,000 | — |
| First P&I | $647.93 | $647.93 | $2,736.22 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $79.04 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $1,065.68 | $3,200.59 | $3,233.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,710
Closing costs & prepaids$12,237
Usable credit−$0
Total buyer cash needed$56,948
Earnest money paid−$0
Remaining funds due$56,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$485.95
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$744.75
Initial HOA (3 months)$58.50
Prepaid interest, first (1 days)$17.95
Prepaid interest, second (1 days)$63.27
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 6 moOf the original 30-year loan at 6.740%
Interest already paid$16,628Through Nov 2026
Assumption only · ends May 2054$116,628
Assumption + second · ends May 2054, second Dec 2056$587,195
New conventional · ends Dec 2056$599,253