Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,143/mo
Lowest payment- Down payment
- $113,942
- Funds due
- $127,974
- Interest + MI left
- $534,867
- First ends
- Oct 2055
Assumption
Assumption + second
$3,626/mo
+$483/mo- Down payment
- $53,942
- Funds due
- $69,313
- Interest + MI left
- $648,665
- First ends
- Oct 2055
New loan
New conventional
$3,736/mo
+$592/mo- Down payment
- $53,942
- Funds due
- $64,637
- Interest + MI left
- $703,386
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,058 | $421,058 | $481,058 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,762.79 | $2,762.79 | $3,258.85 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $96.21 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $3,143.46 | $3,626.23 | $3,735.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,942
Closing costs & prepaids$15,371
Usable credit−$0
Total buyer cash needed$69,313
Earnest money paid−$0
Remaining funds due$69,313
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,105.29
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)$642.00
Prepaid interest, first (6 days)$466.51
Prepaid interest, second (6 days)$88.77
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 10 moOf the original 30-year loan at 6.74%
Interest already paid$33,337Through Dec 2026
Assumption only · ends Oct 2055$534,867
Assumption + second · ends Oct 2055, second Jan 2057$648,665
New conventional · ends Jan 2057$703,386