Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,943/mo
Lowest payment- Down payment
- $159,876
- Funds due
- $175,868
- Interest + MI left
- $682,395
- First ends
- Sep 2055
Assumption
Assumption + second
$4,660/mo
+$716/mo- Down payment
- $70,876
- Funds due
- $88,140
- Interest + MI left
- $851,196
- First ends
- Sep 2055
New loan
New conventional
$4,888/mo
+$944/mo- Down payment
- $70,876
- Funds due
- $82,699
- Interest + MI left
- $952,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $539,124 | $539,124 | $628,124 |
| Second mortgage | — | $89,000 | — |
| First P&I | $3,530.40 | $3,530.40 | $4,349.00 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $125.62 |
| Taxes, insurance & HOA | $413.00 | $413.00 | $413.00 |
| Total housing payment | $3,943.40 | $4,659.51 | $4,887.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,876
Closing costs & prepaids$17,264
Usable credit−$0
Total buyer cash needed$88,140
Earnest money paid−$0
Remaining funds due$88,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,695.62
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)$739.00
Prepaid interest, first (1 days)$99.26
Prepaid interest, second (1 days)$21.95
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 10 moOf the original 30-year loan at 6.720%
Interest already paid$42,559Through Nov 2026
Assumption only · ends Sep 2055$682,395
Assumption + second · ends Sep 2055, second Dec 2056$851,196
New conventional · ends Dec 2056$952,467