Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,827/mo
Lowest payment- Down payment
- $70,062
- Funds due
- $85,586
- Interest + MI left
- $652,365
- First ends
- Jun 2055
Assumption
Assumption + second
$4,235/mo
+$408/mo- Down payment
- $30,062
- Funds due
- $46,953
- Interest + MI left
- $759,101
- First ends
- Jun 2055
New loan
New conventional
$4,300/mo
+$473/mo- Down payment
- $30,062
- Funds due
- $42,023
- Interest + MI left
- $820,166
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,938 | $518,938 | $558,938 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,424.86 | $3,424.86 | $3,786.44 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $111.79 |
| Taxes, insurance & HOA | $402.25 | $402.25 | $402.25 |
| Total housing payment | $3,827.11 | $4,234.71 | $4,300.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,062
Closing costs & prepaids$16,892
Usable credit−$0
Total buyer cash needed$46,953
Earnest money paid−$0
Remaining funds due$46,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,594.69
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)$706.75
Prepaid interest, first (9 days)$864.99
Prepaid interest, second (9 days)$117.12
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$53,086Through Dec 2026
Assumption only · ends Jun 2055$652,365
Assumption + second · ends Jun 2055, second Jan 2057$759,101
New conventional · ends Jan 2057$820,166