Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,064/mo
Lowest payment- Down payment
- $168,216
- Funds due
- $182,184
- Interest + MI left
- $529,169
- First ends
- May 2055
Assumption
Assumption + second
$3,857/mo
+$792/mo- Down payment
- $60,216
- Funds due
- $75,457
- Interest + MI left
- $706,457
- First ends
- May 2055
New loan
New conventional
$4,099/mo
+$1,035/mo- Down payment
- $60,216
- Funds due
- $70,662
- Interest + MI left
- $818,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,684 | $431,684 | $539,684 |
| Second mortgage | — | $108,000 | — |
| First P&I | $2,809.51 | $2,809.51 | $3,736.66 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $107.94 |
| Taxes, insurance & HOA | $254.75 | $254.75 | $254.75 |
| Total housing payment | $3,064.26 | $3,856.73 | $4,099.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,216
Closing costs & prepaids$15,242
Usable credit−$0
Total buyer cash needed$75,457
Earnest money paid−$0
Remaining funds due$75,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,158.42
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)$264.25
Prepaid interest, first (1 days)$78.29
Prepaid interest, second (1 days)$23.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.620%
Interest already paid$43,256Through Nov 2026
Assumption only · ends May 2055$529,169
Assumption + second · ends May 2055, second Dec 2056$706,457
New conventional · ends Dec 2056$818,467