Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,115/mo
Lowest payment- Down payment
- $116,371
- Funds due
- $130,462
- Interest + MI left
- $524,469
- First ends
- Nov 2055
Assumption
Assumption + second
$3,614/mo
+$499/mo- Down payment
- $54,371
- Funds due
- $69,804
- Interest + MI left
- $642,061
- First ends
- Nov 2055
New loan
New conventional
$3,769/mo
+$654/mo- Down payment
- $54,371
- Funds due
- $65,122
- Interest + MI left
- $709,924
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,529 | $423,529 | $485,529 |
| Second mortgage | — | $62,000 | — |
| First P&I | $2,731.98 | $2,731.98 | $3,289.14 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $97.11 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $3,114.65 | $3,613.52 | $3,768.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,371
Closing costs & prepaids$15,432
Usable credit−$0
Total buyer cash needed$69,804
Earnest money paid−$0
Remaining funds due$69,804
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,117.64
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)$648.00
Prepaid interest, first (6 days)$458.11
Prepaid interest, second (6 days)$91.73
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$30,389Through Dec 2026
Assumption only · ends Nov 2055$524,469
Assumption + second · ends Nov 2055, second Jan 2057$642,061
New conventional · ends Jan 2057$709,924