Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,092/mo
Lowest payment- Down payment
- $136,361
- Funds due
- $156,411
- Interest + MI left
- $865,697
- First ends
- Jun 2055
Assumption
Assumption + second
$5,518/mo
+$426/mo- Down payment
- $83,361
- Funds due
- $104,778
- Interest + MI left
- $966,219
- First ends
- Jun 2055
New loan
New conventional
$5,719/mo
+$628/mo- Down payment
- $83,361
- Funds due
- $98,505
- Interest + MI left
- $1,084,399
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $688,639 | $688,639 | $741,639 |
| Second mortgage | — | $53,000 | — |
| First P&I | $4,544.84 | $4,544.84 | $5,024.12 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $148.33 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $5,091.51 | $5,517.96 | $5,719.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,361
Closing costs & prepaids$21,417
Usable credit−$0
Total buyer cash needed$104,778
Earnest money paid−$0
Remaining funds due$104,778
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,443.19
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)$990.00
Prepaid interest, first (9 days)$1,147.86
Prepaid interest, second (9 days)$117.62
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$70,446Through Dec 2026
Assumption only · ends Jun 2055$865,697
Assumption + second · ends Jun 2055, second Jan 2057$966,219
New conventional · ends Jan 2057$1,084,399