Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,561/mo
Lowest payment- Down payment
- $257,909
- Funds due
- $274,061
- Interest + MI left
- $548,717
- First ends
- Apr 2055
Assumption
Assumption + second
$4,956/mo
+$1,394/mo- Down payment
- $67,909
- Funds due
- $85,394
- Interest + MI left
- $860,612
- First ends
- Apr 2055
New loan
New conventional
$5,054/mo
+$1,493/mo- Down payment
- $67,909
- Funds due
- $80,589
- Interest + MI left
- $920,694
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,091 | $417,091 | $607,091 |
| Second mortgage | — | $190,000 | — |
| First P&I | $2,832.28 | $2,832.28 | $4,203.38 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $121.42 |
| Taxes, insurance & HOA | $729.17 | $729.17 | $729.17 |
| Total housing payment | $3,561.45 | $4,955.60 | $5,053.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,909
Closing costs & prepaids$17,485
Usable credit−$0
Total buyer cash needed$85,394
Earnest money paid−$0
Remaining funds due$85,394
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,085.45
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)$1,687.50
Prepaid interest, first (2 days)$160.89
Prepaid interest, second (2 days)$83.29
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 5 moOf the original 30-year loan at 7.040%
Interest already paid$46,904Through Nov 2026
Assumption only · ends Apr 2055$548,717
Assumption + second · ends Apr 2055, second Dec 2056$860,612
New conventional · ends Dec 2056$920,694