Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,093/mo
Lowest payment- Down payment
- $184,590
- Funds due
- $201,844
- Interest + MI left
- $698,149
- First ends
- Jun 2055
Assumption
Assumption + second
$4,900/mo
+$807/mo- Down payment
- $74,590
- Funds due
- $93,142
- Interest + MI left
- $878,719
- First ends
- Jun 2055
New loan
New conventional
$5,170/mo
+$1,077/mo- Down payment
- $74,590
- Funds due
- $87,602
- Interest + MI left
- $1,005,973
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $553,410 | $553,410 | $663,410 |
| Second mortgage | — | $110,000 | — |
| First P&I | $3,648.86 | $3,648.86 | $4,593.32 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $132.68 |
| Taxes, insurance & HOA | $444.50 | $444.50 | $444.50 |
| Total housing payment | $4,093.36 | $4,900.50 | $5,170.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,590
Closing costs & prepaids$18,552
Usable credit−$0
Total buyer cash needed$93,142
Earnest money paid−$0
Remaining funds due$93,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,767.05
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)$683.50
Prepaid interest, first (2 days)$204.99
Prepaid interest, second (2 days)$48.22
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$53,440Through Nov 2026
Assumption only · ends Jun 2055$698,149
Assumption + second · ends Jun 2055, second Dec 2056$878,719
New conventional · ends Dec 2056$1,005,973