Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,546/mo
Lowest payment- Down payment
- $192,422
- Funds due
- $211,312
- Interest + MI left
- $763,668
- First ends
- Jun 2055
Assumption
Assumption + second
$5,368/mo
+$822/mo- Down payment
- $80,422
- Funds due
- $100,709
- Interest + MI left
- $947,522
- First ends
- Jun 2055
New loan
New conventional
$5,555/mo
+$1,009/mo- Down payment
- $80,422
- Funds due
- $94,851
- Interest + MI left
- $1,051,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $607,478 | $607,478 | $719,478 |
| Second mortgage | — | $112,000 | — |
| First P&I | $4,009.20 | $4,009.20 | $4,873.99 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $143.90 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $4,545.87 | $5,367.68 | $5,554.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,422
Closing costs & prepaids$20,287
Usable credit−$0
Total buyer cash needed$100,709
Earnest money paid−$0
Remaining funds due$100,709
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,037.39
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)$960.00
Prepaid interest, first (6 days)$675.05
Prepaid interest, second (6 days)$147.29
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$62,143Through Dec 2026
Assumption only · ends Jun 2055$763,668
Assumption + second · ends Jun 2055, second Jan 2057$947,522
New conventional · ends Jan 2057$1,051,996