Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,428/mo
Lowest payment- Down payment
- $73,130
- Funds due
- $87,827
- Interest + MI left
- $562,473
- First ends
- Apr 2055
Assumption
Assumption + second
$3,887/mo
+$459/mo- Down payment
- $28,130
- Funds due
- $44,208
- Interest + MI left
- $682,551
- First ends
- Apr 2055
New loan
New conventional
$3,993/mo
+$565/mo- Down payment
- $28,130
- Funds due
- $39,549
- Interest + MI left
- $759,171
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,370 | $472,370 | $517,370 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,043.65 | $3,043.65 | $3,504.84 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $103.47 |
| Taxes, insurance & HOA | $384.83 | $384.83 | $384.83 |
| Total housing payment | $3,428.49 | $3,887.04 | $3,993.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,130
Closing costs & prepaids$16,078
Usable credit−$0
Total buyer cash needed$44,208
Earnest money paid−$0
Remaining funds due$44,208
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,455.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,361.85
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)$654.50
Prepaid interest, first (9 days)$757.09
Prepaid interest, second (9 days)$131.76
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$51,704Through Dec 2026
Assumption only · ends Apr 2055$562,473
Assumption + second · ends Apr 2055, second Jan 2057$682,551
New conventional · ends Jan 2057$759,171