Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,303/mo
Lowest payment- Down payment
- $179,829
- Funds due
- $194,437
- Interest + MI left
- $539,367
- First ends
- Dec 2054
Assumption
Assumption + second
$4,168/mo
+$866/mo- Down payment
- $61,829
- Funds due
- $77,712
- Interest + MI left
- $733,070
- First ends
- Dec 2054
New loan
New conventional
$4,352/mo
+$1,049/mo- Down payment
- $61,829
- Funds due
- $72,880
- Interest + MI left
- $838,921
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,171 | $435,171 | $553,171 |
| Second mortgage | — | $118,000 | — |
| First P&I | $2,891.80 | $2,891.80 | $3,830.04 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $110.63 |
| Taxes, insurance & HOA | $410.83 | $410.83 | $410.83 |
| Total housing payment | $3,302.64 | $4,168.48 | $4,351.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,829
Closing costs & prepaids$15,883
Usable credit−$0
Total buyer cash needed$77,712
Earnest money paid−$0
Remaining funds due$77,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,175.85
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)$732.50
Prepaid interest, first (1 days)$80.83
Prepaid interest, second (1 days)$25.86
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 1 moOf the original 30-year loan at 6.780%
Interest already paid$57,195Through Nov 2026
Assumption only · ends Dec 2054$539,367
Assumption + second · ends Dec 2054, second Dec 2056$733,070
New conventional · ends Dec 2056$838,921