Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,695/mo
Lowest payment- Down payment
- $115,229
- Funds due
- $130,394
- Interest + MI left
- $606,953
- First ends
- Aug 2054
Assumption
Assumption + second
$4,138/mo
+$443/mo- Down payment
- $60,229
- Funds due
- $76,726
- Interest + MI left
- $711,268
- First ends
- Aug 2054
New loan
New conventional
$4,171/mo
+$476/mo- Down payment
- $60,229
- Funds due
- $71,659
- Interest + MI left
- $789,234
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,771 | $484,771 | $539,771 |
| Second mortgage | — | $55,000 | — |
| First P&I | $3,288.32 | $3,288.32 | $3,656.60 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $107.95 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,694.99 | $4,137.53 | $4,171.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,229
Closing costs & prepaids$16,496
Usable credit−$0
Total buyer cash needed$76,726
Earnest money paid−$0
Remaining funds due$76,726
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,423.85
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)$720.00
Prepaid interest, first (6 days)$553.04
Prepaid interest, second (6 days)$81.37
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 closing27 yr 8 moOf the original 30-year loan at 6.94%
Interest already paid$79,576Through Dec 2026
Assumption only · ends Aug 2054$606,953
Assumption + second · ends Aug 2054, second Jan 2057$711,268
New conventional · ends Jan 2057$789,234