Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,977/mo
Lowest payment- Down payment
- $160,388
- Funds due
- $177,270
- Interest + MI left
- $679,376
- First ends
- Sep 2055
Assumption
Assumption + second
$4,701/mo
+$724/mo- Down payment
- $70,388
- Funds due
- $88,720
- Interest + MI left
- $850,073
- First ends
- Sep 2055
New loan
New conventional
$4,830/mo
+$854/mo- Down payment
- $70,388
- Funds due
- $83,301
- Interest + MI left
- $919,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $538,612 | $538,612 | $628,612 |
| Second mortgage | — | $90,000 | — |
| First P&I | $3,530.40 | $3,530.40 | $4,258.44 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $125.72 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $3,976.65 | $4,700.81 | $4,830.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,388
Closing costs & prepaids$18,332
Usable credit−$0
Total buyer cash needed$88,720
Earnest money paid−$0
Remaining funds due$88,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,693.06
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)$838.75
Prepaid interest, first (9 days)$892.47
Prepaid interest, second (9 days)$199.73
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 9 moOf the original 30-year loan at 6.72%
Interest already paid$45,578Through Dec 2026
Assumption only · ends Sep 2055$679,376
Assumption + second · ends Sep 2055, second Jan 2057$850,073
New conventional · ends Jan 2057$919,135