Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,107/mo
Lowest payment- Down payment
- $742,828
- Funds due
- $769,297
- Interest + MI left
- $682,455
- First ends
- May 2054
Assumption
Assumption + second
$9,477/mo
+$4,370/mo- Down payment
- $132,828
- Funds due
- $161,713
- Interest + MI left
- $1,645,696
- First ends
- May 2054
New loan
New conventional
$9,577/mo
+$4,471/mo- Down payment
- $132,828
- Funds due
- $155,423
- Interest + MI left
- $1,743,153
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $582,172 | $582,172 | $1,192,172 |
| Second mortgage | — | $610,000 | — |
| First P&I | $3,843.85 | $3,843.85 | $8,076.19 |
| Second P&I | — | $4,370.11 | — |
| Mortgage insurance | — | — | $238.43 |
| Taxes, insurance & HOA | $1,262.67 | $1,262.67 | $1,262.67 |
| Total housing payment | $5,106.52 | $9,476.63 | $9,577.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$132,828
Closing costs & prepaids$28,884
Usable credit−$0
Total buyer cash needed$161,713
Earnest money paid−$0
Remaining funds due$161,713
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,910.86
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)$1,590.00
Initial HOA (3 months)$1,548.00
Prepaid interest, first (9 days)$951.73
Prepaid interest, second (9 days)$1,165.68
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 closing27 yr 5 moOf the original 30-year loan at 6.63%
Interest already paid$101,331Through Dec 2026
Assumption only · ends May 2054$682,455
Assumption + second · ends May 2054, second Jan 2057$1,645,696
New conventional · ends Jan 2057$1,743,153