Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,109/mo
Lowest payment- Down payment
- $181,378
- Funds due
- $199,263
- Interest + MI left
- $675,901
- First ends
- Jan 2055
Assumption
Assumption + second
$4,908/mo
+$800/mo- Down payment
- $72,378
- Funds due
- $91,728
- Interest + MI left
- $854,830
- First ends
- Jan 2055
New loan
New conventional
$5,021/mo
+$913/mo- Down payment
- $72,378
- Funds due
- $86,290
- Interest + MI left
- $946,930
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $538,622 | $538,622 | $647,622 |
| Second mortgage | — | $109,000 | — |
| First P&I | $3,603.93 | $3,603.93 | $4,387.22 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $129.52 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $4,108.59 | $4,908.40 | $5,021.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,378
Closing costs & prepaids$19,350
Usable credit−$0
Total buyer cash needed$91,728
Earnest money paid−$0
Remaining funds due$91,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,693.11
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)$864.00
Prepaid interest, first (9 days)$909.75
Prepaid interest, second (9 days)$215.01
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 1 moOf the original 30-year loan at 6.85%
Interest already paid$71,512Through Dec 2026
Assumption only · ends Jan 2055$675,901
Assumption + second · ends Jan 2055, second Jan 2057$854,830
New conventional · ends Jan 2057$946,930