Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,692/mo
Lowest payment- Down payment
- $69,563
- Funds due
- $83,915
- Interest + MI left
- $655,291
- First ends
- Jun 2055
Assumption
Assumption + second
$4,099/mo
+$408/mo- Down payment
- $29,563
- Funds due
- $45,178
- Interest + MI left
- $762,027
- First ends
- Jun 2055
New loan
New conventional
$4,252/mo
+$560/mo- Down payment
- $29,563
- Funds due
- $40,246
- Interest + MI left
- $851,445
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,437 | $519,437 | $559,437 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,424.86 | $3,424.86 | $3,873.43 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $111.89 |
| Taxes, insurance & HOA | $266.83 | $266.83 | $266.83 |
| Total housing payment | $3,691.70 | $4,099.30 | $4,252.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,563
Closing costs & prepaids$15,615
Usable credit−$0
Total buyer cash needed$45,178
Earnest money paid−$0
Remaining funds due$45,178
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,597.19
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)$300.50
Prepaid interest, first (1 days)$96.20
Prepaid interest, second (1 days)$13.01
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$50,160Through Nov 2026
Assumption only · ends Jun 2055$655,291
Assumption + second · ends Jun 2055, second Dec 2056$762,027
New conventional · ends Dec 2056$851,445