Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,508/mo
Lowest payment- Down payment
- $180,318
- Funds due
- $195,792
- Interest + MI left
- $556,200
- First ends
- Dec 2054
Assumption
Assumption + second
$4,329/mo
+$822/mo- Down payment
- $68,318
- Funds due
- $85,067
- Interest + MI left
- $740,054
- First ends
- Dec 2054
New loan
New conventional
$4,732/mo
+$1,224/mo- Down payment
- $68,318
- Funds due
- $79,857
- Interest + MI left
- $927,505
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $499,582 | $499,582 | $611,582 |
| Second mortgage | — | $112,000 | — |
| First P&I | $3,132.88 | $3,132.88 | $4,234.47 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $122.32 |
| Taxes, insurance & HOA | $374.75 | $374.75 | $374.75 |
| Total housing payment | $3,507.63 | $4,329.45 | $4,731.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,318
Closing costs & prepaids$16,749
Usable credit−$0
Total buyer cash needed$85,067
Earnest money paid−$0
Remaining funds due$85,067
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,497.91
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)$624.25
Prepaid interest, first (1 days)$84.86
Prepaid interest, second (1 days)$24.55
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 6.200%
Interest already paid$60,121Through Nov 2026
Assumption only · ends Dec 2054$556,200
Assumption + second · ends Dec 2054, second Dec 2056$740,054
New conventional · ends Dec 2056$927,505