Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,568/mo
Lowest payment- Down payment
- $306,256
- Funds due
- $323,768
- Interest + MI left
- $551,659
- First ends
- Nov 2054
Assumption
Assumption + second
$5,194/mo
+$1,626/mo- Down payment
- $79,256
- Funds due
- $98,115
- Interest + MI left
- $910,111
- First ends
- Nov 2054
New loan
New conventional
$5,548/mo
+$1,980/mo- Down payment
- $79,256
- Funds due
- $92,886
- Interest + MI left
- $1,077,133
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,244 | $483,244 | $710,244 |
| Second mortgage | — | $227,000 | — |
| First P&I | $3,080.07 | $3,080.07 | $4,917.59 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $142.05 |
| Taxes, insurance & HOA | $488.17 | $488.17 | $488.17 |
| Total housing payment | $3,568.23 | $5,194.49 | $5,547.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,256
Closing costs & prepaids$18,858
Usable credit−$0
Total buyer cash needed$98,115
Earnest money paid−$0
Remaining funds due$98,115
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,416.22
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)$814.50
Prepaid interest, first (2 days)$168.14
Prepaid interest, second (2 days)$96.40
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 yrOf the original 30-year loan at 6.350%
Interest already paid$62,165Through Nov 2026
Assumption only · ends Nov 2054$551,659
Assumption + second · ends Nov 2054, second Dec 2056$910,111
New conventional · ends Dec 2056$1,077,133