Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,074/mo
Lowest payment- Down payment
- $107,615
- Funds due
- $123,503
- Interest + MI left
- $646,421
- First ends
- Feb 2055
Assumption
Assumption + second
$4,436/mo
+$362/mo- Down payment
- $62,615
- Funds due
- $79,775
- Interest + MI left
- $731,770
- First ends
- Feb 2055
New loan
New conventional
$4,626/mo
+$552/mo- Down payment
- $62,615
- Funds due
- $74,556
- Interest + MI left
- $845,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,375 | $512,375 | $557,375 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,418.28 | $3,418.28 | $3,859.15 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $111.48 |
| Taxes, insurance & HOA | $655.50 | $655.50 | $655.50 |
| Total housing payment | $4,073.78 | $4,435.86 | $4,626.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,615
Closing costs & prepaids$17,161
Usable credit−$0
Total buyer cash needed$79,775
Earnest money paid−$0
Remaining funds due$79,775
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,561.88
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)$1,466.50
Prepaid interest, first (2 days)$192.04
Prepaid interest, second (2 days)$22.19
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 3 moOf the original 30-year loan at 6.840%
Interest already paid$61,959Through Nov 2026
Assumption only · ends Feb 2055$646,421
Assumption + second · ends Feb 2055, second Dec 2056$731,770
New conventional · ends Dec 2056$845,185