Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,152/mo
Lowest payment- Down payment
- $99,137
- Funds due
- $116,056
- Interest + MI left
- $711,243
- First ends
- Dec 2055
Assumption
Assumption + second
$4,401/mo
+$249/mo- Down payment
- $68,137
- Funds due
- $86,375
- Interest + MI left
- $770,038
- First ends
- Dec 2055
New loan
New conventional
$4,706/mo
+$554/mo- Down payment
- $68,137
- Funds due
- $80,830
- Interest + MI left
- $894,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,862 | $580,862 | $611,862 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,712.94 | $3,712.94 | $4,144.97 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $122.37 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $4,151.61 | $4,401.04 | $4,706.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,137
Closing costs & prepaids$18,238
Usable credit−$0
Total buyer cash needed$86,375
Earnest money paid−$0
Remaining funds due$86,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,904.31
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)$816.00
Prepaid interest, first (9 days)$930.97
Prepaid interest, second (9 days)$68.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$37,990Through Dec 2026
Assumption only · ends Dec 2055$711,243
Assumption + second · ends Dec 2055, second Jan 2057$770,038
New conventional · ends Jan 2057$894,643