Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,718/mo
Lowest payment- Down payment
- $69,806
- Funds due
- $87,463
- Interest + MI left
- $826,587
- First ends
- Nov 2055
Assumption
Assumption + second
$5,054/mo
+$336/mo- Down payment
- $36,806
- Funds due
- $55,724
- Interest + MI left
- $914,644
- First ends
- Nov 2055
New loan
New conventional
$5,405/mo
+$687/mo- Down payment
- $36,806
- Funds due
- $49,997
- Interest + MI left
- $1,062,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $665,194 | $665,194 | $698,194 |
| Second mortgage | — | $33,000 | — |
| First P&I | $4,286.73 | $4,286.73 | $4,834.15 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $139.64 |
| Taxes, insurance & HOA | $430.92 | $430.92 | $430.92 |
| Total housing payment | $4,717.64 | $5,053.91 | $5,404.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,806
Closing costs & prepaids$18,917
Usable credit−$0
Total buyer cash needed$55,724
Earnest money paid−$0
Remaining funds due$55,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,325.97
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)$642.75
Prepaid interest, first (1 days)$119.92
Prepaid interest, second (1 days)$10.74
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 closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$44,036Through Nov 2026
Assumption only · ends Nov 2055$826,587
Assumption + second · ends Nov 2055, second Dec 2056$914,644
New conventional · ends Dec 2056$1,062,628