Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,248/mo
Lowest payment- Down payment
- $73,748
- Funds due
- $87,359
- Interest + MI left
- $562,948
- First ends
- Nov 2055
Assumption
Assumption + second
$3,727/mo
+$479/mo- Down payment
- $26,748
- Funds due
- $41,624
- Interest + MI left
- $688,363
- First ends
- Nov 2055
New loan
New conventional
$3,919/mo
+$671/mo- Down payment
- $26,748
- Funds due
- $37,021
- Interest + MI left
- $771,260
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,752 | $459,752 | $506,752 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,938.79 | $2,938.79 | $3,508.65 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $101.35 |
| Taxes, insurance & HOA | $309.08 | $309.08 | $309.08 |
| Total housing payment | $3,247.88 | $3,726.81 | $3,919.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,748
Closing costs & prepaids$14,876
Usable credit−$0
Total buyer cash needed$41,624
Earnest money paid−$0
Remaining funds due$41,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,335.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,298.76
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)$427.25
Prepaid interest, first (1 days)$81.87
Prepaid interest, second (1 days)$15.29
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 yrOf the original 30-year loan at 6.500%
Interest already paid$30,069Through Nov 2026
Assumption only · ends Nov 2055$562,948
Assumption + second · ends Nov 2055, second Dec 2056$688,363
New conventional · ends Dec 2056$771,260