Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,304/mo
Lowest payment- Down payment
- $180,262
- Funds due
- $195,519
- Interest + MI left
- $536,908
- First ends
- Dec 2054
Assumption
Assumption + second
$4,170/mo
+$866/mo- Down payment
- $62,262
- Funds due
- $79,002
- Interest + MI left
- $730,612
- First ends
- Dec 2054
New loan
New conventional
$4,268/mo
+$963/mo- Down payment
- $62,262
- Funds due
- $74,181
- Interest + MI left
- $808,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,738 | $434,738 | $552,738 |
| Second mortgage | — | $118,000 | — |
| First P&I | $2,891.80 | $2,891.80 | $3,744.44 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $110.55 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $3,304.47 | $4,170.31 | $4,267.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,262
Closing costs & prepaids$16,739
Usable credit−$0
Total buyer cash needed$79,002
Earnest money paid−$0
Remaining funds due$79,002
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,173.69
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)$738.00
Prepaid interest, first (9 days)$726.79
Prepaid interest, second (9 days)$232.77
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 yrOf the original 30-year loan at 6.78%
Interest already paid$59,654Through Dec 2026
Assumption only · ends Dec 2054$536,908
Assumption + second · ends Dec 2054, second Jan 2057$730,612
New conventional · ends Jan 2057$808,194