Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,722/mo
Lowest payment- Down payment
- $221,979
- Funds due
- $239,370
- Interest + MI left
- $615,929
- First ends
- Dec 2055
Assumption
Assumption + second
$4,815/mo
+$1,093/mo- Down payment
- $72,979
- Funds due
- $91,815
- Interest + MI left
- $860,521
- First ends
- Dec 2055
New loan
New conventional
$5,054/mo
+$1,332/mo- Down payment
- $72,979
- Funds due
- $86,564
- Interest + MI left
- $953,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $503,021 | $503,021 | $652,021 |
| Second mortgage | — | $149,000 | — |
| First P&I | $3,215.37 | $3,215.37 | $4,417.02 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $130.40 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $3,722.04 | $4,815.35 | $5,054.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,979
Closing costs & prepaids$18,837
Usable credit−$0
Total buyer cash needed$91,815
Earnest money paid−$0
Remaining funds due$91,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,515.11
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Prepaid interest, first (6 days)$537.47
Prepaid interest, second (6 days)$195.95
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 6.5%
Interest already paid$32,899Through Dec 2026
Assumption only · ends Dec 2055$615,929
Assumption + second · ends Dec 2055, second Jan 2057$860,521
New conventional · ends Jan 2057$953,363