Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $224,786
- Funds due
- $238,197
- Interest + MI left
- $438,024
- First ends
- Sep 2055
Assumption
Assumption + second
$3,768/mo
+$1,218/mo- Down payment
- $58,786
- Funds due
- $73,484
- Interest + MI left
- $710,522
- First ends
- Sep 2055
New loan
New conventional
$3,991/mo
+$1,442/mo- Down payment
- $58,786
- Funds due
- $69,058
- Interest + MI left
- $798,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,214 | $360,214 | $526,214 |
| Second mortgage | — | $166,000 | — |
| First P&I | $2,307.05 | $2,307.05 | $3,643.40 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $105.24 |
| Taxes, insurance & HOA | $242.83 | $242.83 | $242.83 |
| Total housing payment | $2,549.88 | $3,767.93 | $3,991.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,786
Closing costs & prepaids$14,698
Usable credit−$0
Total buyer cash needed$73,484
Earnest money paid−$0
Remaining funds due$73,484
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%)$1,801.07
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)$228.50
Prepaid interest, first (1 days)$64.15
Prepaid interest, second (1 days)$36.38
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 10 moOf the original 30-year loan at 6.500%
Interest already paid$27,513Through Nov 2026
Assumption only · ends Sep 2055$438,024
Assumption + second · ends Sep 2055, second Dec 2056$710,522
New conventional · ends Dec 2056$798,039