Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,516/mo
Lowest payment- Down payment
- $94,372
- Funds due
- $111,716
- Interest + MI left
- $750,540
- First ends
- Sep 2054
Assumption
Assumption + second
$5,117/mo
+$601/mo- Down payment
- $35,372
- Funds due
- $54,139
- Interest + MI left
- $907,976
- First ends
- Sep 2054
New loan
New conventional
$5,075/mo
+$559/mo- Down payment
- $35,372
- Funds due
- $48,697
- Interest + MI left
- $973,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $604,628 | $604,628 | $663,628 |
| Second mortgage | — | $59,000 | — |
| First P&I | $4,069.57 | $4,069.57 | $4,495.65 |
| Second P&I | — | $601.21 | — |
| Mortgage insurance | — | — | $132.73 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $4,515.82 | $5,117.03 | $5,074.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,372
Closing costs & prepaids$18,767
Usable credit−$0
Total buyer cash needed$54,139
Earnest money paid−$0
Remaining funds due$54,139
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%)$3,023.14
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)$838.75
Prepaid interest, first (9 days)$1,024.22
Prepaid interest, second (9 days)$172.76
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 closing27 yr 9 moOf the original 30-year loan at 6.87%
Interest already paid$94,706Through Dec 2026
Assumption only · ends Sep 2054$750,540
Assumption + second · ends Sep 2054, second Jan 2057$907,976
New conventional · ends Jan 2057$973,917