Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,499/mo
Lowest payment- Down payment
- $474,409
- Funds due
- $491,142
- Interest + MI left
- $377,827
- First ends
- Aug 2055
Assumption
Assumption + second
$5,336/mo
+$2,837/mo- Down payment
- $78,409
- Funds due
- $96,896
- Interest + MI left
- $1,003,144
- First ends
- Aug 2055
New loan
New conventional
$5,385/mo
+$2,886/mo- Down payment
- $78,409
- Funds due
- $92,552
- Interest + MI left
- $1,018,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,591 | $300,591 | $696,591 |
| Second mortgage | — | $396,000 | — |
| First P&I | $1,972.15 | $1,972.15 | $4,718.95 |
| Second P&I | — | $2,836.99 | — |
| Mortgage insurance | — | — | $139.32 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $2,498.81 | $5,335.80 | $5,384.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,409
Closing costs & prepaids$18,488
Usable credit−$0
Total buyer cash needed$96,896
Earnest money paid−$0
Remaining funds due$96,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,502.96
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)$930.00
Prepaid interest, first (6 days)$332.05
Prepaid interest, second (6 days)$504.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 6.72%
Interest already paid$27,146Through Dec 2026
Assumption only · ends Aug 2055$377,827
Assumption + second · ends Aug 2055, second Jan 2057$1,003,144
New conventional · ends Jan 2057$1,018,531