Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,400/mo
Lowest payment- Down payment
- $79,222
- Funds due
- $93,864
- Interest + MI left
- $578,685
- First ends
- Oct 2055
Assumption
Assumption + second
$3,930/mo
+$530/mo- Down payment
- $27,222
- Funds due
- $43,267
- Interest + MI left
- $717,442
- First ends
- Oct 2055
New loan
New conventional
$3,988/mo
+$588/mo- Down payment
- $27,222
- Funds due
- $38,631
- Interest + MI left
- $758,259
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,678 | $464,678 | $516,678 |
| Second mortgage | — | $52,000 | — |
| First P&I | $3,015.50 | $3,015.50 | $3,500.16 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | — | — | $103.34 |
| Taxes, insurance & HOA | $384.25 | $384.25 | $384.25 |
| Total housing payment | $3,399.75 | $3,929.63 | $3,987.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,222
Closing costs & prepaids$16,045
Usable credit−$0
Total buyer cash needed$43,267
Earnest money paid−$0
Remaining funds due$43,267
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%)$2,323.39
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)$652.75
Prepaid interest, first (9 days)$759.65
Prepaid interest, second (9 days)$152.26
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 closing28 yr 10 moOf the original 30-year loan at 6.63%
Interest already paid$36,195Through Dec 2026
Assumption only · ends Oct 2055$578,685
Assumption + second · ends Oct 2055, second Jan 2057$717,442
New conventional · ends Jan 2057$758,259