Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,842/mo
Lowest payment- Down payment
- $129,603
- Funds due
- $145,919
- Interest + MI left
- $636,106
- First ends
- Nov 2055
Assumption
Assumption + second
$4,340/mo
+$499/mo- Down payment
- $67,603
- Funds due
- $85,261
- Interest + MI left
- $753,698
- First ends
- Nov 2055
New loan
New conventional
$4,673/mo
+$831/mo- Down payment
- $67,603
- Funds due
- $79,879
- Interest + MI left
- $888,115
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $545,397 | $545,397 | $607,397 |
| Second mortgage | — | $62,000 | — |
| First P&I | $3,404.91 | $3,404.91 | $4,114.72 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $121.48 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $3,841.57 | $4,340.44 | $4,672.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,603
Closing costs & prepaids$17,658
Usable credit−$0
Total buyer cash needed$85,261
Earnest money paid−$0
Remaining funds due$85,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,726.99
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)$810.00
Prepaid interest, first (6 days)$561.24
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 6.26%
Interest already paid$37,246Through Dec 2026
Assumption only · ends Nov 2055$636,106
Assumption + second · ends Nov 2055, second Jan 2057$753,698
New conventional · ends Jan 2057$888,115