Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,330/mo
Lowest payment- Down payment
- $62,032
- Funds due
- $76,028
- Interest + MI left
- $558,289
- First ends
- Jun 2055
Assumption
Assumption + second
$3,696/mo
+$367/mo- Down payment
- $26,032
- Funds due
- $41,349
- Interest + MI left
- $654,351
- First ends
- Jun 2055
New loan
New conventional
$3,783/mo
+$453/mo- Down payment
- $26,032
- Funds due
- $36,792
- Interest + MI left
- $717,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $452,968 | $452,968 | $488,968 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,956.89 | $2,956.89 | $3,312.44 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $97.79 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $3,329.56 | $3,696.40 | $3,782.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,032
Closing costs & prepaids$15,316
Usable credit−$0
Total buyer cash needed$41,349
Earnest money paid−$0
Remaining funds due$41,349
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,264.84
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)$618.00
Prepaid interest, first (6 days)$495.16
Prepaid interest, second (6 days)$70.27
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 closing28 yr 6 moOf the original 30-year loan at 6.65%
Interest already paid$45,592Through Dec 2026
Assumption only · ends Jun 2055$558,289
Assumption + second · ends Jun 2055, second Jan 2057$654,351
New conventional · ends Jan 2057$717,593