Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,472/mo
Lowest payment- Down payment
- $189,185
- Funds due
- $207,903
- Interest + MI left
- $759,290
- First ends
- Sep 2055
Assumption
Assumption + second
$5,279/mo
+$807/mo- Down payment
- $79,185
- Funds due
- $99,298
- Interest + MI left
- $939,861
- First ends
- Sep 2055
New loan
New conventional
$5,483/mo
+$1,011/mo- Down payment
- $79,185
- Funds due
- $93,493
- Interest + MI left
- $1,037,867
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,815 | $599,815 | $709,815 |
| Second mortgage | — | $110,000 | — |
| First P&I | $3,939.44 | $3,939.44 | $4,808.53 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $141.96 |
| Taxes, insurance & HOA | $532.25 | $532.25 | $532.25 |
| Total housing payment | $4,471.69 | $5,278.83 | $5,482.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,185
Closing costs & prepaids$20,113
Usable credit−$0
Total buyer cash needed$99,298
Earnest money paid−$0
Remaining funds due$99,298
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,999.08
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)$946.75
Prepaid interest, first (6 days)$664.56
Prepaid interest, second (6 days)$144.66
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 9 moOf the original 30-year loan at 6.74%
Interest already paid$50,907Through Dec 2026
Assumption only · ends Sep 2055$759,290
Assumption + second · ends Sep 2055, second Jan 2057$939,861
New conventional · ends Jan 2057$1,037,867