Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,201/mo
Lowest payment- Down payment
- $91,817
- Funds due
- $108,611
- Interest + MI left
- $710,988
- First ends
- Dec 2055
Assumption
Assumption + second
$4,782/mo
+$581/mo- Down payment
- $34,817
- Funds due
- $52,972
- Interest + MI left
- $863,087
- First ends
- Dec 2055
New loan
New conventional
$5,005/mo
+$803/mo- Down payment
- $34,817
- Funds due
- $47,633
- Interest + MI left
- $960,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $597,183 | $597,183 | $654,183 |
| Second mortgage | — | $57,000 | — |
| First P&I | $3,759.11 | $3,759.11 | $4,431.66 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | — | — | $130.84 |
| Taxes, insurance & HOA | $442.25 | $442.25 | $442.25 |
| Total housing payment | $4,201.36 | $4,782.19 | $5,004.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,817
Closing costs & prepaids$18,155
Usable credit−$0
Total buyer cash needed$52,972
Earnest money paid−$0
Remaining funds due$52,972
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,985.92
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)$826.75
Prepaid interest, first (6 days)$623.36
Prepaid interest, second (6 days)$111.27
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 closing29 yrOf the original 30-year loan at 6.35%
Interest already paid$38,162Through Dec 2026
Assumption only · ends Dec 2055$710,988
Assumption + second · ends Dec 2055, second Jan 2057$863,087
New conventional · ends Jan 2057$960,056