Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,169/mo
Lowest payment- Down payment
- $98,573
- Funds due
- $114,721
- Interest + MI left
- $714,392
- First ends
- Dec 2055
Assumption
Assumption + second
$4,411/mo
+$241/mo- Down payment
- $68,573
- Funds due
- $85,978
- Interest + MI left
- $771,291
- First ends
- Dec 2055
New loan
New conventional
$4,812/mo
+$643/mo- Down payment
- $68,573
- Funds due
- $80,355
- Interest + MI left
- $927,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $581,426 | $581,426 | $611,426 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,712.94 | $3,712.94 | $4,233.39 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $122.29 |
| Taxes, insurance & HOA | $456.25 | $456.25 | $456.25 |
| Total housing payment | $4,169.19 | $4,410.58 | $4,811.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,573
Closing costs & prepaids$17,405
Usable credit−$0
Total buyer cash needed$85,978
Earnest money paid−$0
Remaining funds due$85,978
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,907.13
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)$868.75
Prepaid interest, first (1 days)$103.54
Prepaid interest, second (1 days)$7.40
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 closing29 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$34,840Through Nov 2026
Assumption only · ends Dec 2055$714,392
Assumption + second · ends Dec 2055, second Dec 2056$771,291
New conventional · ends Dec 2056$927,269