Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,991/mo
Lowest payment- Down payment
- $104,390
- Funds due
- $119,687
- Interest + MI left
- $668,927
- First ends
- Jul 2054
Assumption
Assumption + second
$4,305/mo
+$314/mo- Down payment
- $65,390
- Funds due
- $81,946
- Interest + MI left
- $742,896
- First ends
- Jul 2054
New loan
New conventional
$4,497/mo
+$506/mo- Down payment
- $65,390
- Funds due
- $76,528
- Interest + MI left
- $886,600
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $545,610 | $545,610 | $584,610 |
| Second mortgage | — | $39,000 | — |
| First P&I | $3,658.24 | $3,658.24 | $4,047.72 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $116.92 |
| Taxes, insurance & HOA | $332.83 | $332.83 | $332.83 |
| Total housing payment | $3,991.08 | $4,304.88 | $4,497.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,390
Closing costs & prepaids$16,556
Usable credit−$0
Total buyer cash needed$81,946
Earnest money paid−$0
Remaining funds due$81,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,728.05
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)$498.50
Prepaid interest, first (1 days)$101.95
Prepaid interest, second (1 days)$9.62
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 closing27 yr 8 moOf the original 30-year loan at 6.820%
Interest already paid$88,041Through Nov 2026
Assumption only · ends Jul 2054$668,927
Assumption + second · ends Jul 2054, second Dec 2056$742,896
New conventional · ends Dec 2056$886,600