Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,258/mo
Lowest payment- Down payment
- $51,758
- Funds due
- $65,779
- Interest + MI left
- $541,220
- First ends
- Oct 2055
Assumption
Assumption + second
$3,523/mo
+$265/mo- Down payment
- $25,758
- Funds due
- $41,088
- Interest + MI left
- $610,599
- First ends
- Oct 2055
New loan
New conventional
$3,744/mo
+$487/mo- Down payment
- $25,758
- Funds due
- $36,548
- Interest + MI left
- $709,923
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,742 | $457,742 | $483,742 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,887.17 | $2,887.17 | $3,277.04 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $96.75 |
| Taxes, insurance & HOA | $370.50 | $370.50 | $370.50 |
| Total housing payment | $3,257.67 | $3,522.61 | $3,744.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,758
Closing costs & prepaids$15,330
Usable credit−$0
Total buyer cash needed$41,088
Earnest money paid−$0
Remaining funds due$41,088
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,095.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,288.71
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)$611.50
Prepaid interest, first (7 days)$557.44
Prepaid interest, second (7 days)$59.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.35%
Interest already paid$34,162Through Dec 2026
Assumption only · ends Oct 2055$541,220
Assumption + second · ends Oct 2055, second Jan 2057$610,599
New conventional · ends Jan 2057$709,923