Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,612/mo
Lowest payment- Down payment
- $122,218
- Funds due
- $140,013
- Interest + MI left
- $803,785
- First ends
- Aug 2055
Assumption
Assumption + second
$4,990/mo
+$378/mo- Down payment
- $75,218
- Funds due
- $94,287
- Interest + MI left
- $892,927
- First ends
- Aug 2055
New loan
New conventional
$5,248/mo
+$636/mo- Down payment
- $75,218
- Funds due
- $88,392
- Interest + MI left
- $1,015,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $622,682 | $622,682 | $669,682 |
| Second mortgage | — | $47,000 | — |
| First P&I | $4,134.69 | $4,134.69 | $4,636.74 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $133.94 |
| Taxes, insurance & HOA | $477.00 | $477.00 | $477.00 |
| Total housing payment | $4,611.69 | $4,989.86 | $5,247.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,218
Closing costs & prepaids$19,068
Usable credit−$0
Total buyer cash needed$94,287
Earnest money paid−$0
Remaining funds due$94,287
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,113.41
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)$781.00
Prepaid interest, first (2 days)$233.72
Prepaid interest, second (2 days)$23.18
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 yr 9 moOf the original 30-year loan at 6.850%
Interest already paid$53,702Through Nov 2026
Assumption only · ends Aug 2055$803,785
Assumption + second · ends Aug 2055, second Dec 2056$892,927
New conventional · ends Dec 2056$1,015,484