Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,369/mo
Lowest payment- Down payment
- $105,554
- Funds due
- $119,897
- Interest + MI left
- $568,847
- First ends
- Oct 2055
Assumption
Assumption + second
$3,747/mo
+$378/mo- Down payment
- $58,554
- Funds due
- $74,159
- Interest + MI left
- $657,989
- First ends
- Oct 2055
New loan
New conventional
$4,098/mo
+$729/mo- Down payment
- $58,554
- Funds due
- $69,144
- Interest + MI left
- $798,391
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $479,446 | $479,446 | $526,446 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,021.02 | $3,021.02 | $3,645.01 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $105.29 |
| Taxes, insurance & HOA | $348.08 | $348.08 | $348.08 |
| Total housing payment | $3,369.10 | $3,747.27 | $4,098.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,554
Closing costs & prepaids$15,604
Usable credit−$0
Total buyer cash needed$74,159
Earnest money paid−$0
Remaining funds due$74,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,397.23
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)$544.25
Prepaid interest, first (1 days)$83.41
Prepaid interest, second (1 days)$11.59
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 closing28 yr 11 moOf the original 30-year loan at 6.350%
Interest already paid$33,209Through Nov 2026
Assumption only · ends Oct 2055$568,847
Assumption + second · ends Oct 2055, second Dec 2056$657,989
New conventional · ends Dec 2056$798,391