Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,371/mo
Lowest payment- Down payment
- $176,873
- Funds due
- $194,973
- Interest + MI left
- $682,141
- First ends
- Nov 2054
Assumption
Assumption + second
$5,105/mo
+$734/mo- Down payment
- $76,873
- Funds due
- $96,267
- Interest + MI left
- $846,296
- First ends
- Nov 2054
New loan
New conventional
$5,468/mo
+$1,097/mo- Down payment
- $76,873
- Funds due
- $90,571
- Interest + MI left
- $1,034,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $582,127 | $582,127 | $682,127 |
| Second mortgage | — | $100,000 | — |
| First P&I | $3,762.70 | $3,762.70 | $4,722.91 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $136.43 |
| Taxes, insurance & HOA | $608.25 | $608.25 | $608.25 |
| Total housing payment | $4,370.95 | $5,104.72 | $5,467.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,873
Closing costs & prepaids$19,394
Usable credit−$0
Total buyer cash needed$96,267
Earnest money paid−$0
Remaining funds due$96,267
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,910.63
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)$1,174.75
Prepaid interest, first (2 days)$207.01
Prepaid interest, second (2 days)$43.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 6.490%
Interest already paid$76,512Through Nov 2026
Assumption only · ends Nov 2054$682,141
Assumption + second · ends Nov 2054, second Dec 2056$846,296
New conventional · ends Dec 2056$1,034,355