Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,511/mo
Lowest payment- Down payment
- $171,770
- Funds due
- $190,271
- Interest + MI left
- $745,297
- First ends
- Jan 2055
Assumption
Assumption + second
$5,267/mo
+$756/mo- Down payment
- $77,770
- Funds due
- $97,660
- Interest + MI left
- $923,581
- First ends
- Jan 2055
New loan
New conventional
$5,352/mo
+$841/mo- Down payment
- $77,770
- Funds due
- $91,857
- Interest + MI left
- $1,012,007
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $598,129 | $598,129 | $692,129 |
| Second mortgage | — | $94,000 | — |
| First P&I | $3,986.43 | $3,986.43 | $4,688.72 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $138.43 |
| Taxes, insurance & HOA | $524.67 | $524.67 | $524.67 |
| Total housing payment | $4,511.09 | $5,267.44 | $5,351.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,770
Closing costs & prepaids$19,890
Usable credit−$0
Total buyer cash needed$97,660
Earnest money paid−$0
Remaining funds due$97,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,698.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,990.65
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)$924.00
Prepaid interest, first (6 days)$669.58
Prepaid interest, second (6 days)$139.07
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 1 moOf the original 30-year loan at 6.81%
Interest already paid$78,956Through Dec 2026
Assumption only · ends Jan 2055$745,297
Assumption + second · ends Jan 2055, second Jan 2057$923,581
New conventional · ends Jan 2057$1,012,007