Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,557/mo
Lowest payment- Down payment
- $385,018
- Funds due
- $405,507
- Interest + MI left
- $744,286
- First ends
- Jun 2055
Assumption
Assumption + second
$6,614/mo
+$2,056/mo- Down payment
- $98,018
- Funds due
- $119,879
- Interest + MI left
- $1,197,483
- First ends
- Jun 2055
New loan
New conventional
$6,915/mo
+$2,357/mo- Down payment
- $98,018
- Funds due
- $113,921
- Interest + MI left
- $1,330,002
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $589,982 | $589,982 | $876,982 |
| Second mortgage | — | $287,000 | — |
| First P&I | $3,889.99 | $3,889.99 | $6,072.05 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $175.40 |
| Taxes, insurance & HOA | $667.50 | $667.50 | $667.50 |
| Total housing payment | $4,557.49 | $6,613.60 | $6,914.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,018
Closing costs & prepaids$21,861
Usable credit−$0
Total buyer cash needed$119,879
Earnest money paid−$0
Remaining funds due$119,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,949.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,352.50
Prepaid interest, first (2 days)$218.54
Prepaid interest, second (2 days)$121.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.760%
Interest already paid$56,972Through Nov 2026
Assumption only · ends Jun 2055$744,286
Assumption + second · ends Jun 2055, second Dec 2056$1,197,483
New conventional · ends Dec 2056$1,330,002