Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,458/mo
Lowest payment- Down payment
- $78,776
- Funds due
- $92,920
- Interest + MI left
- $581,254
- First ends
- Oct 2055
Assumption
Assumption + second
$3,978/mo
+$520/mo- Down payment
- $27,776
- Funds due
- $43,187
- Interest + MI left
- $717,343
- First ends
- Oct 2055
New loan
New conventional
$4,119/mo
+$661/mo- Down payment
- $27,776
- Funds due
- $38,544
- Interest + MI left
- $785,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,124 | $465,124 | $516,124 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,015.50 | $3,015.50 | $3,573.54 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $103.22 |
| Taxes, insurance & HOA | $442.42 | $442.42 | $442.42 |
| Total housing payment | $3,457.92 | $3,977.61 | $4,119.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,776
Closing costs & prepaids$15,411
Usable credit−$0
Total buyer cash needed$43,187
Earnest money paid−$0
Remaining funds due$43,187
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,439.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,325.62
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)$827.25
Prepaid interest, first (1 days)$84.49
Prepaid interest, second (1 days)$16.59
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 11 moOf the original 30-year loan at 6.630%
Interest already paid$33,626Through Nov 2026
Assumption only · ends Oct 2055$581,254
Assumption + second · ends Oct 2055, second Dec 2056$717,343
New conventional · ends Dec 2056$785,421