Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,216/mo
Lowest payment- Down payment
- $168,644
- Funds due
- $183,691
- Interest + MI left
- $526,788
- First ends
- May 2055
Assumption
Assumption + second
$4,009/mo
+$792/mo- Down payment
- $60,644
- Funds due
- $77,154
- Interest + MI left
- $704,076
- First ends
- May 2055
New loan
New conventional
$4,168/mo
+$951/mo- Down payment
- $60,644
- Funds due
- $72,386
- Interest + MI left
- $788,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,256 | $431,256 | $539,256 |
| Second mortgage | — | $108,000 | — |
| First P&I | $2,809.51 | $2,809.51 | $3,653.11 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $107.85 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,216.18 | $4,008.65 | $4,167.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,644
Closing costs & prepaids$16,510
Usable credit−$0
Total buyer cash needed$77,154
Earnest money paid−$0
Remaining funds due$77,154
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,156.28
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)$720.00
Prepaid interest, first (9 days)$703.95
Prepaid interest, second (9 days)$213.04
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 5 moOf the original 30-year loan at 6.62%
Interest already paid$45,637Through Dec 2026
Assumption only · ends May 2055$526,788
Assumption + second · ends May 2055, second Jan 2057$704,076
New conventional · ends Jan 2057$788,481